After Bitcoin fell below $47,000, traders had mixed views on the outlook for BTC price


Bitcoin (Bitcoin) On August 26, after the new attack on $50,000 ended in a firm rejection, it gave traders a serious sense of deja vu.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin optimism shakes

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell to a local low of 46,540 US dollars on Bitstamp, having exceeded 49,300 US dollars in the previous few hours.

Action continues Interval behavior This seems to consolidate the old resistance level of $51,000, and the lack of volume and momentum for the bears flipped the area to support.

Despite the pause in the $46,000 range, Bitcoin did not attract many long positions that day, and popular trader Crypto Ed focused on the possibility of a rebound before the price fell further.

Others are more optimistic, including contributors to the market update of the on-chain analytics service CryptoQuant.

exist one In various updates on the day, an analyst predicted that the BTC price falling below 47,000 USD would be a “false drop”, and the result would be a successful breakthrough of the 50,000 USD mark.

At the same time, buyer support for BTC/USD weakened on Thursday, and the reliable interest of the main exchange Binance was only close to 41,000 US dollars.

BTC/USD trading level (Binance) as of August 26. Source: Material Indicators/ Twitter

Ethereum is close to $3,000 to retest

Along with Bitcoin’s volatility, a similar situation has occurred with major altcoins.

related: Ethereum traders expect volatility before expiry of $820 million options on Friday

Among the top ten cryptocurrencies by market capitalization, none of them have achieved meaningful 24-hour gains, and similarly they have hardly moved in any direction.

Ether (Ethereum) Maintained support of $3,000 through a thread, while Cardano (Have) Deleted more Weekly return, Still up 20% in the past 7 days.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView