Bitcoin steals $ 47,000 from bears as critical BTC price resistance collapses

0
47

Bitcoin (BTC) tentatively recovered $ 47,000 on Wednesday in a move that analysts say should pave the way for $ 50,000.

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

Bitcoin bulls escape further test of lows

Data from UKTN Markets Pro and TradingView showed that BTC / USD was holding the $ 47,000 mark on Wednesday, which is crucial for tipping into a bullish continuation.

The level had seen fierce whale defense the day before, but the bulls eventually gained the upper hand, lifting Bitcoin from a multi-day descending channel.

See also  Hacked Liquid Exchange Receives $ 120 Million Funding From FTX

Even a dip towards $ 46,000 did not materialize, reinforcing the more bullish case of short-term BTC price action.

The relative strength follows a golden crossover event on BTC / USD amid record currency balances and implied supply squeeze.

See also  Facebook "really watches" NFTs, executive says
Bitcoin exchange balance table. Source: CryptoQuant

This was all the more evident in the daily chart which, as a popular trader Pentoshi Noted, produced a “engulfing bullish” candle that wiped out six days of side action.

“Back above 200DMA, now facing some resistance at Monday high / September monthly open ($ 47,000 to $ 47,150),” analyst William Clemente added.

“If those levels are indeed broken, it could see a fairly rapid move up to the August high of $ 50.5,000.”

Support echoes forecast for minimum monthly closure

A review of buy and sell levels on Binance’s main exchange confirmed that resistance now stands at just over $ 49,000, with clear support several thousand dollars below the spot price.

See also  Vitalik believes decentralized token-based governance is holding back DeFi

Support matches the existing forecast for the minimum monthly close in September of $ 43,000. October, on the other hand, demands a minimum monthly close of $ 63,000, close to a new all-time high for Bitcoin.

Related: Bitcoin Techniques: Incoming ‘Golden Cross’ Shows Potential Bottom For BTC Price

BTC / USD (Binance) buy / sell levels as of September 15th. Source: Material indicators