Analisdollarser says that the key level for Bitcoin price is to turn $46,500. Bitcoin fundamentals remain strong, but analystsdollarser have identified $46,500 as the key level to recover as support to maintain the current uptrend. Double-digit rallies across many altcoins show traders increasingly bullish, but maintaining that momentum will depend to some extent on Bitcoin’s (BTC) short-term price action.
Key level for bitcoin price
The latest data from shows that BTC price dropped below $45,800 as the bulls struggled to stop the price decline, after trading touched the $48,000 price level in the early morning on Monday.
Here’s what analisdollarser says could be the next steps for Bitcoin price. After a 50% rally, Bitcoin was supposed to retest support. Bitcoin’s surge from $29,500 on July 20 to $48,000 on Saturday caused the price to stabilize in the trading range of $44,000 to $48,000, as illustrated in the tweet below by pseudonymous Twitter analyst Nunya Bizniz.
The balance point described in the tweet above is located around $46.123. And he hints that after BTC tested support, buying volumes could increase as short-term traders can see the current pullback as nothing more than a support/resistance retest. On the other hand, pseudonymous trader Gas Fring suggested that a bounce at the bottom of an ascending channel would have the same result, but it’s worth noting that both analysts are using a saadollarsic chart, so these suggestions only refer to possible price action.
Miners are accumulating again
A recent report from Glassnode highlighted that miner accumulation is another potential bullish indicator for Bitcoin. The on-chain analytics provider observed a “clear reduction in forced sell-side pressure from miners.” China’s crackdown on mining operations that began in May took a heavy toll on the Bitcoin hashrate, prompting miners to close their stores and move to different countries with a friendlier stance towards crypto mining. glassnode said:
We have seen miners’ net balance position continue to increase over the past two months. The net growth of miner balances has now reached +5k BTC/month, which shows a clear reduction in forced sell-side pressure from miners.
Next hurdle is a daily close above $46,500
According to crypto Twitter analyst Rekt Capital, $46,500 is an important level for BTC in the short term.
As seen above, price action for BTC has created an ascending triangle on the daily chart and the price must close above the $46,500 level to confirm a successful test of the triangle resistance. A daily close above $46,500 supports the continuation of the uptrend, while an ascending triangle breakout could see Bitcoin price slide into the $40,000 low zone. The overall cryptocurrency market cap is currently $2.07 trillion and Bitcoin’s dominance rate is 43.5%.