Bitcoin
BTC$16 857.94

2.52%

Ethereum
ETH$1 267.75

5.89%

Tether
USDT$0.999743

0.01%

Binance Coin
BNB$297.76

-0.65%

USD Coin
USDC$1.000075

-0.02%

Binance USD
BUSD$1.000080

-0.01%

Bitcoin sellers in disbelief or BTC price wouldn’t still be at $41K


02 Aug 2021

#Bitcoin

A small number of old hands choose to cover all their bases as BTC/USD clinches a July close above $41,000. Bitcoin (BTC) closed July above $41,000 in a “bullish engulfing” candle that dramatically upends its previous downtrend. In a tweet on Aug. 1, investor and entrepreneur Alistair Milne joined many in celebrating a classic return to form for BTC price action.

Bitcoin refuses to flip bearish

After seeing three monthly red candles in a row, BTC/USD held onto late gains to post a monthly close that few had anticipated. Despite the dip to $29,000, bears failed to stay in the driver’s seat as July drew to a close as resistance levels fell and sentiment improved. 

“Bullish engulfing on the monthly chart for Bitcoin,” Milne summarized. 

A bullish engulfing pattern is a chart pattern that forms when a small red candle is followed by a large green candle — i.e., July, the body of which completely covers or engulfs the body of the previous candle (June).

The move up — and its staying power — has been so surprising that even seasoned hodlers appear confused about what to do next. On-chain data shows that some long-term holders (LTH) are in fact selling as BTC/USD rises, something that analyst Lex Moskovski believes corresponds to the “disbelief” stage of a classic market cycle.

Moskovski highlighted the long-term holder spent output profit ratio indicator (LTH-SOPR), which this weekend hit its lowest levels in 2021. SOPR looks at the value of coins moved in a particular time period to get an impression of profitability of coins being sold. A downtrend toward the neutral 1 value, Glassnode explained, suggests that profitability among the coins in question is low.

“Some long-term bitcoin holders are selling into this bounce with minimal profit as indicated by LTH-SOPR hitting this year’s low for two days straight,” Moskovski commented. “This is one of the reasons we’re still at 41k. Disbelief.”

“Like clockwork”

Bulls, meanwhile, continue to look for triggers that could send BTC/USD past $42,000 resistance for good, this having seen two tests in the past 24 hours. Related: Bitcoin 'supercycle' sets up Q4 BTC price top as illiquid supply hits all-time high. Beyond there, as Cointelegraph noted, little lies in the way until $45,000 and $47,000.

Equally enthusiastic for upside on Saturday was PlanB, the creator of the stock-to-flow price model family, who described Bitcoin’s July close as being a recovery “like clockwork.” Stock-to-flow, while currently demanding a Bitcoin price of nearly $100,000, remains valid, with PlanB giving a minimum August close requirement of $47,000.


Related

Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.2% 81 $16 857.94 2.52% 2.13% $324 016 560 707 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 79 $1 267.75 5.89% 9.03% $155 139 205 312 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999743 0.01% 0.07% $65 345 860 208 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 65 $297.76 -0.65% 8.97% $47 633 708 279 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000075 -0.02% -0.02% $43 278 140 161 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000080 -0.01% -0.04% $22 167 145 790 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 66 $0.402255 2.89% 6.46% $20 229 424 997 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 57.2% 85 $0.106602 3.16% 30.44% $14 142 989 634 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 60.4% 81 $0.314036 1.01% -0.86% $10 815 310 516 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.868141 3.30% 0.64% $7 582 616 669 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.6% 67 $5.38 2.56% -0.10% $6 131 758 632 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999926 -0.07% -0.02% $5 640 260 243 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 74 $78.51 1.65% -3.13% $5 630 604 788 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.4% 66 $0.053881 0.82% 5.41% $5 478 359 178 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 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.