Bitcoin
BTC$38 877.56

-7.74%

Ethereum
ETH$2 846.65

-9.53%

Tether
USDT$1.000201

-0.01%

Binance Coin
BNB$426.69

-8.19%

USD Coin
USDC$0.999831

0%

Cardano
ADA$1.22

-9.99%

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

Two key Bitcoin trading indicators suggest BTC is ready for a 62% upside move
Two key Bitcoin trading indicators suggest BTC is ready for a 62% upside move
Bitcoin as crypto safe haven now
Bitcoin as crypto safe haven now
Bitcoin stays in tight range as analyst eyes potential interesting week in BTC
Bitcoin stays in tight range as analyst eyes potential interesting week in BTC
Cryptomarket changing landscape
Cryptomarket changing landscape
Cryptocurrencies rebounded as part of a general downward trend
Cryptocurrencies rebounded as part of a general downward trend
Expert warns higher inflation could whip BTC price to $30K
Expert warns higher inflation could whip BTC price to $30K
Bitcoin continued its downward trend
Bitcoin continued its downward trend
Trade For More, with multiple fees slashed to zero on all crypto CFDs
Trade For More, with multiple fees slashed to zero on all crypto CFDs
Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last
Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 70% 62 $38 877.56 -7.74% -7.67% $736 181 998 656 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.2% 78 $2 846.65 -9.53% -11.39% $339 462 913 103 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000201 -0.01% -0.02% $78 290 326 799 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 56 $426.69 -8.19% -9.55% $70 454 015 232 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999831 0% 0.01% $42 379 408 068 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 72.8% 49 $1.22 -9.99% -1.49% $40 782 615 526 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 60.4% 87 $121.85 -11.55% -15.01% $38 324 736 333 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 72.4% 59 $0.687990 -7.42% -9.37% $32 791 736 353 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.4% 58 $75.94 -7.53% -1.95% $27 064 805 569 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 76.4% 48 $22.32 -9.11% -15.35% $22 041 526 314 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 76.4% 50 $0.153582 -6.90% -18.71% $20 375 859 355 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62.4% 77 $75.42 -11.29% -14.66% $18 427 649 915 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000463 0.19% 0.09% $14 239 613 244 BUSD 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66% 68 $0.000026 -8.11% -16.56% $14 062 977 878 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 67.6% 62 $1.88 -10.07% -15.01% $13 961 640 892 MATIC 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.