Bitcoin’s fundamentals remain strong but analysts pinpoint $46,500 as the key level to reclaim as support in order to preserve the current uptrend. The double-digit rallies seen from many altcoins shows traders are becoming increasingly bullish with the passing of each day, but maintaining this momentum will to some extent depend on Bitcoin's (BTC) short-term price action.
Data from Cointelegraph Markets Pro and TradingView shows that after touching the $48,000 price level during the early morning trading hours on Aug. 16 the price of BTC dipped below $45,800 as bulls scrambled to put a halt to the price slide. Here’s what analysts are saying could be the next steps for Bitcoin price.
Bitcoin’s surge from $29,500 on July 20 to $48,000 on Aug. 14 has resulted in the price settling in a trading range between $44,000 and $48,000, as shown in the following tweet from pseudonymous Twitter analyst Nunya Bizniz. The equilibrium point identified in the above tweet is found near $46,123 and the analyst could be hinting that after BTC tests the support, buy volumes could increase because short-term traders would view the current pullback as nothing more than a support/resistance retest.
On the other hand, pseudonymous trader, Gas Fring, suggested that a bounce could also happen at the bottom of a rising channel would provoke the same result but it's worth noting that both analysts are using 1-hour charts so these suggestions simply refer to the possible price action outcomes of today.
A recent report from Glassnode highlighted miner accumulation as another potentially bullish indicator for Bitcoin. The on-chain analytics provider observed “a net reduction in compulsory sell-side pressure sourced from miners.”
Bitcoin miner net position change. Source: Glassnode
China’s crackdown on mining operations which began in May took a heavy toll on the Bitcoin hash rate, leading miners to close up shop and move to different cou with a more friendly stance towards crypto mining.
Glassnode said, “We have seen the net balance position of miners continue to increase over the last two months. The net growth of miner balances has now hit +5k BTC/month which demonstrates a net reduction in compulsory sell-side pressure sourced from miners.”
Related: BTC eyes $50K breakout despite most ‘greed’ since all-time highs: 5 things to watch in Bitcoin this week
According to crypto Twitter analyst Rekt Capital, $46,500 is an important level for BTC in the short-term. As seen above, the price action for BTC has resulted in the formation of an ascending triangle on the daily chart and the price needs to close above the $46,500 level in order to confirm a successful test of the triangle resistance.
A daily close above $46,500 would support the continuation of the uptrend whereas an ascending triangle breakdown could see Bitcoin price slide into the low $40,000 zone. The overall cryptocurrency market cap now stands at $2.007 trillion and Bitcoin’s dominance rate is 43.5%.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||61.2%||79||$28 464.06||-0.08%||3.56%||$550 339 428 246|
|2||ETH||Ethereum predictions||68.8%||61||$1 821.21||-0.06%||4.47%||$219 378 604 902|
|3||USDT||Tether predictions||92.8%||1||$1.000305||0.01%||-0.04%||$79 718 134 880|
|4||BNB||Binance Coin predictions||74.4%||55||$314.89||-0.67%||-2.40%||$49 718 142 531|
|5||USDC||USD Coin predictions||92.8%||2||$0.999802||0%||0.02%||$32 521 009 846|
|6||XRP||XRP predictions||61.2%||82||$0.509747||-5.31%||14.63%||$26 342 796 029|
|7||HEX||HEX predictions||64.8%||68||$0.079425||-10.16%||-5.23%||$13 773 256 366|
|8||ADA||Cardano predictions||76.8%||41||$0.393356||-1.40%||11.74%||$13 666 228 073|
|9||DOGE||Dogecoin predictions||82%||23||$0.081783||6.05%||10.46%||$11 348 676 475|
|10||STETH||Lido stETH predictions||91.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||84.8%||26||$1.11||-0.66%||3.06%||$10 094 693 708|
|12||SOL||Solana predictions||79.2%||36||$21.08||-0.47%||3.15%||$8 130 513 636|
|13||BUSD||Binance USD predictions||93.2%||1||$0.999558||-0.01%||0%||$7 553 845 647|
|14||DOT||Polkadot predictions||83.6%||28||$6.35||0.08%||7.44%||$7 438 756 957|
|15||LTC||Litecoin predictions||71.6%||50||$92.65||3.29%||1.22%||$6 727 455 612|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.