bitcoin
Bitcoin (BTC) $ 43,601.00 8.45%
ethereum
Ethereum (ETH) $ 3,042.36 11.89%
cardano
Cardano (ADA) $ 2.24 14.59%
tether
Tether (USDT) $ 1.00 0.93%
binance-coin
Binance Coin (BNB) $ 377.68 10.31%
xrp
XRP (XRP) $ 0.994036 15.25%
solana
Solana (SOL) $ 148.50 24.30%
polkadot
Polkadot (DOT) $ 31.59 21.82%
usd-coin
USD Coin (USDC) $ 1.00 1.04%
dogecoin
Dogecoin (DOGE) $ 0.227542 14.20%
avalanche-2
Avalanche (AVAX) $ 71.20 25.92%
terra-luna
Terra (LUNA) $ 33.00 34.41%
binance-usd
Binance USD (BUSD) $ 1.00 1.42%
uniswap
Uniswap (UNI) $ 21.38 13.87%
chainlink
Chainlink (LINK) $ 24.23 13.72%
cosmos
Cosmos (ATOM) $ 39.11 31.79%
litecoin
Litecoin (LTC) $ 160.24 8.08%
algorand
Algorand (ALGO) $ 1.86 20.41%
bitcoin-cash
Bitcoin Cash (BCH) $ 544.22 7.68%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 43,553.00 7.97%
internet-computer
Internet Computer (ICP) $ 50.91 19.10%
filecoin
Filecoin (FIL) $ 74.38 6.49%
matic-network
Polygon (MATIC) $ 1.21 16.46%
tron
TRON (TRX) $ 0.098217 10.50%
stellar
Stellar (XLM) $ 0.293789 11.20%
ftx-token
FTX Token (FTT) $ 56.79 16.45%
ethereum-classic
Ethereum Classic (ETC) $ 50.91 11.44%
vechain
VeChain (VET) $ 0.098508 14.24%
dai
Dai (DAI) $ 1.00 1.08%
compound-ether
cETH (CETH) $ 60.88 11.17%
theta-token
Theta Network (THETA) $ 5.61 11.29%
tezos
Tezos (XTZ) $ 5.54 20.93%
elrond-erd-2
Elrond (EGLD) $ 232.48 22.34%
okb
OKB (OKB) $ 17.09 4.23%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 242.36 14.92%
pancakeswap-token
PancakeSwap (CAKE) $ 20.05 13.31%
compound-usd-coin
cUSDC (CUSDC) $ 0.022183 1.10%
ecash
eCash (XEC) $ 0.000232 17.29%
monero
Monero (XMR) $ 240.34 11.55%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.166802 10.24%
quant-network
Quant (QNT) $ 314.17 21.39%
eos
EOS (EOS) $ 4.30 11.91%
cdai
cDAI (CDAI) $ 0.021642 1.13%
aave
Aave (AAVE) $ 298.72 12.56%
staked-ether
Lido Staked Ether (STETH) $ 3,008.49 11.25%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.373176 25.87%
iota
IOTA (MIOTA) $ 1.35 13.12%
the-graph
The Graph (GRT) $ 0.730768 14.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000007 9.22%
axie-infinity
Axie Infinity (AXS) $ 61.19 23.19%
Those who believe in Bitcoin also believe in intelligence.
11

Bitcoin price turns to test lower support levels as $50K stays out of reach

It’s a frustratingly sideways market for Bitcoin bulls as August ends and September, which is typically a boring month for BTC price, looms.

Bitcoin (BTC) continued to range below $50,000 on Aug. 31, the final day of the month, as analysts demanded higher levels in order to continue the bull run.

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

$51,000 remains the deal-breaker for BTC

Data from Cointelegraph Markets Pro and TradingView painted a dull picture for investors on Aug. 31 as BTC/USD continued to trade in a four-day-old descending channel.

Despite highly encouraging on-chain metrics and fundamentals, BTC price action disappointed the market throughout the weekend and beyond as a lack of momentum kept $50,000 at bay.

Major resistance, now solidified on exchanges at $51,000 and above, remains firmly in place, and analysts say the outlook remains muted until this level is turned to support.

According to Cointelegraph contributor Michaël van de Poppe, “We clearly stated that $51,000 is the level that Bitcoin has to break through.”

According to van de Poppe:

“If that happens, we most likely are going into a new impulse wave back to $58,000 at first and then probably a new all-time high.”

Despite historic highs being just $17,000 away, these levels seem to be a distant target at the time of writing. 

A look at buy and sell levels on major exchange Binance confirmed the need for significant buyer support in order for Bitcoin to exit its current trading zone. 

BTC/USD buy and sell levels (Binance) as of Aug. 31. Source: Material Indicators/Twitter

Accumulation set to stave off a major price dip

Others shared the view that Bitcoin was drifting not toward resistance but to a retest of demand that nonetheless has cemented itself thanks to the previous accumulation phase.

Related: Betting on a Bitcoin bull run? Not in September, BTC price data says

“Slowly but surely, BTC is inching closer and closer toward its next major demand area,” said popular trader and analyst Rekt Capital.

The extent of accumulation in the $40,000 range is significant, and data suggests that it is unlikely that a significant price drop will ensue.

“With prices pushing above $50,000, and some notable profit-taking covered last week, the market currently sits at the top end of a very high on-chain volume node,” analytics firm Glassnode wrote on Aug. 30 in its latest weekly report.

The report showed that 1.65 million BTC has a cost basis between $45,000 and $50,000.

“On net, this indicates that a fairly strong set of high conviction investors remain in the market and is a powerful signal for the bulls,” analysts added.

Bitcoin UTXO realized price distribution annotated chart. Source: Glassnode



Source link

Related Posts

Leave a Reply