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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

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Here are the BTC price levels to watch as $38K emerges as bulls' line in the sand
Bitcoin does not make a great deal of sense
Without confirmation from BTC, altcoin’s growth could be a trap
Bitcoin to hit $100,000 this year? Standard Chartered thinks it might

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 24 $47 723.03 -1.33% 3.38% $898 055 562 067 $30 761 279 414
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 521.28 -3.14% 3.50% $413 952 033 409 $18 480 035 542
3 Cardano (ADA) ADA Cardano predictions 66% 64 $2.40 -3.25% -2.88% $76 946 080 219 $3 112 508 822
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 70 $417.11 -3.07% -0.09% $70 130 954 148 $1 638 029 774
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000377 -0.01% 0.02% $68 279 713 834 $73 954 976 481
6 XRP (XRP) XRP XRP predictions 71.2% 56 $1.086253 -3.33% -1.06% $50 643 533 660 $3 001 040 279
7 Solana (SOL) SOL Solana predictions 57.2% 89 $143.70 -10.74% -21.20% $42 654 669 447 $3 242 950 075
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 83 $35.70 -0.59% 16.20% $35 258 180 901 $2 310 522 620
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.251301 2.00% 0.36% $32 998 444 911 $1 925 256 557
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000175 0.01% 0.01% $29 230 189 040 $2 836 756 306
11 UniSwap (UNI) UNI UniSwap predictions 68.8% 56 $25.55 -5.24% 10.03% $15 627 896 736 $594 596 032
12 Terra (LUNA) LUNA Terra predictions 68% 67 $35.48 -3.65% 11.96% $14 258 535 854 $1 566 161 846
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $62.58 3.98% 48.31% $13 786 359 755 $2 556 442 829
14 Chainlink (LINK) LINK Chainlink predictions 74% 56 $29.45 -6.47% 4.87% $13 312 231 211 $1 530 222 321
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000178 -0.01% 0.01% $12 747 103 808 $6 318 386 121

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