Bitcoin (BTC) tentatively reclaimed $47,000 on Sept. 15 in a move which analysts believe should open up the path to $50,000. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bulls escape another retest of lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding the $47,000 mark Wednesday, this being crucial to flip for bullish continuation.

The level had seen fierce defense by whales the day before, but bulls ultimately won the upper hand, lifting Bitcoin out of a multi-day descending channel.

Even a dip towards $46,000 failed to materialize, reinforcing the more optimistic case for short-term BTC price action.

The relative strength follows a golden cross event on BTC/USD, amid record low exchange balances and an implied supply squeeze.

Read Also:   Bitcoin price looks to resume bull cycle after rising above $34K

Bitcoin exchange balance chart. Source: CryptoQuant

This was all the more apparent from the daily chart, which as popular trader Pentoshi noted produced a “bullish engulfing” candle which wiped out six days of sideways action.

“Back above the 200DMA, now facing a bit of resistance at Monday’s high/September’s Monthly open ($47K-$47,150),” analyst William Clemente added.

“If those levels are indeed broken, could see a pretty swift move up to August’s high at $50.5K.”

Support echoes minimum monthly close predictions

A look at the buy and sell levels on major exchange Binance confirmed that resistance now lay higher up at just above $49,000, with clear support likewise several thousand dollars below spot price.

Read Also:   Did we already see the peak of the NFT boom? The data say so

Support lines up with existing predictions for the minimum monthly close in September, this being $43,000. October, by contrast, demands a minimum $63,000 monthly close, close to a new all-time high for Bitcoin.

Related: Bitcoin technicals: Incoming ‘golden cross’ presents potential bottom for BTC price

BTC/USD buy/ sell levels (Binance) as of Sept. 15. Source: Material Indicators

Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link