The central theses
- More than 3,200 long Bitcoin positions were filled in the past week.
- Meanwhile, whales added 60,000 bitcoin to their stocks over the same period.
- A daily close above $ 49,650 could kick off the next stage for the top crypto asset.
Share this article
Investors appear to be getting back into the market as long positions in Bitcoin rise as whales add tokens to their holdings. While the recent surge in buying pressure looks encouraging, BTC still has one crucial obstacle to overcome.
Bitcoin buy orders are executed
Whales have turned their attention back to Bitcoin.
The flash crash of September 7th put market participants in the fear. Now, some of the crypto industry’s most respected technical analysts claim that the $ 53,000 rejection of Bitcoin could lead to disastrous prospects.
For example, the analyst, who operates under the pseudonym Dave the Wave, believes it is the flagship cryptocurrency drops towards $ 30,000. They indicated that the recent downward pressure could accelerate into a more pronounced downtrend as the convergence divergence of the moving average, or MACD, is one bearish cross on the BTC monthly chart.
It’s the monthly MACD, still high [and just crossed bearishly]which gives weight to further price consolidation. pic.twitter.com/wzScqbMRWM
– dave the wave🌊 (@davthewave) September 13, 2021
Despite the bearish worst-case scenario, several fundamental factors suggest that some investors have used the fall in prices to buy Bitcoin at a discount.
The number of long bitcoin positions on Hong Kong-based cryptocurrency exchange Bitfinex has hit a higher high for the first time since July 22nd. More than 3,200 long positions have been created in the last week alone, suggesting that some traders have bought the dip.
Similarly, the behavior analysis platform Santiment shows that whales are clustering.
Addresses with 10,000 to 100,000 BTC bought over 60,000 BTC worth around $ 2.82 billion in the same period. This sizeable number of tokens was also removed from well-known cryptocurrency exchanges, easing the selling pressure behind Bitcoin.
As buy orders pile up, IntoTheBlock’s In / Out-of-the-Money-Around-Price (IOMAP) model shows a major supply barrier over Bitcoin. About two million addresses previously purchased nearly 900,000 BTC between $ 46,900 and $ 49,650.
Only a daily candlestick closing above this resistance wall would signal the resumption of the uptrend.
Bitcoin, on the other hand, needs to hold above the support zone of $ 44,000 to $ 46,800 to avoid further losses. Cutting through this significant area of interest can encourage investors to sell their BTC to prevent their investments from “going out of the money”. If so, it could see a downturn to $ 38,000.
This message was brought to you by Phemex, our preferred derivatives partner.
Share this article
The information on or accessed through this website is obtained from independent sources that we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness, or accuracy of any information on this website or their access via this website. Decentral Media, Inc. is not an investment advisor. We do not give personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be or become out of date, incomplete, or inaccurate. We may update outdated, incomplete, or inaccurate information, but we are under no obligation to do so.
You should never make an investment decision on an ICO, IEO or any other investment based on the information on this website and you should never interpret the information on this website as investment advice or rely on it in any other way. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional when seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for any analysis or reporting on ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
El Salvador will not tax foreign investors on Bitcoin profits
El Salvador is reportedly trying to exempt foreign investors from paying taxes on their Bitcoin profits. No Bitcoin Taxes For Foreigners El Salvador Plans To Attract Foreign Investors From …
How to trade the inverse head and shoulders pattern
In stock or cryptocurrency trading, you may have heard of the term “inverted head and shoulders”. The head and shoulders inverse chart pattern, also known as the head and shoulders bottom formation, can …
Ukraine Adopts Law Legalizing Bitcoin and Crypto Businesses
The Ukrainian legislature has voted in favor of legalizing the ownership of cryptocurrencies and the companies operating in this field. Ukraine Gives Citizens the Right to Own Crypto Ukraine is the newest country to …
Microstrategy expands bitcoin stash and now holds $ 5.1 billion
MicroStrategy bought another 5,050 Bitcoin, bringing its total inventory to 114,042 BTC. MicroStrategy increases BTC holdings MicroStrategy has added another 5,050 Bitcoin to its holdings. The US business …