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

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

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It is a frustratingly sideways marketplace for Bitcoin bulls as August ends and September, which is usually a boring month for BTC worth, looms.

Market Replace

Bitcoin (BTC) continued to vary beneath $50,000 on Aug. 31, the ultimate day of the month, as analysts demanded greater ranges as a way to proceed the bull run.

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

$51,000 stays the deal-breaker for BTC

Knowledge from Cointelegraph Markets Pro and TradingView painted a boring image for traders on Aug. 31 as BTC/USD continued to commerce in a four-day-old descending channel.

Regardless of highly encouraging on-chain metrics and fundamentals, BTC worth motion disenchanted the market all through the weekend and past as an absence of momentum stored $50,000 at bay.

Main resistance, now solidified on exchanges at $51,000 and above, stays firmly in place, and analysts say the outlook stays muted till this degree is turned to help.

In accordance with Cointelegraph contributor Michaël van de Poppe, “We clearly acknowledged that $51,000 is the extent that Bitcoin has to interrupt by way of.”

According to van de Poppe:

“If that occurs, we most probably are going into a brand new impulse wave again to $58,000 at first after which most likely a brand new all-time excessive.”

Regardless of historic highs being simply $17,000 away, these ranges appear to be a distant goal on the time of writing. 

A take a look at purchase and promote ranges on main change Binance confirmed the necessity for vital purchaser help to ensure that Bitcoin to exit its present buying and selling zone. 

BTC/USD purchase and promote ranges (Binance) as of Aug. 31. Supply: Materials Indicators/Twitter

Accumulation set to stave off a serious worth dip

Others shared the view that Bitcoin was drifting not towards resistance however to a retest of demand that nonetheless has cemented itself because of the earlier accumulation section.

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

“Slowly however certainly, BTC is inching nearer and nearer towards its subsequent main demand space,” said fashionable dealer and analyst Rekt Capital.

The extent of accumulation within the $40,000 vary is important, and information means that it’s unlikely {that a} vital worth drop will ensue.

“With costs pushing above $50,000, and a few notable profit-taking coated final week, the market presently sits on the high finish of a really excessive on-chain quantity node,” analytics agency Glassnode wrote on Aug. 30 in its newest weekly report.

The report confirmed that 1.65 million BTC has a price foundation between $45,000 and $50,000.

“On web, this means {that a} pretty robust set of excessive conviction traders stay out there and is a robust sign for the bulls,” analysts added.

Bitcoin UTXO realized worth distribution annotated chart. Supply: Glassnode

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