Analysts say that $46,500 is a key level for Bitcoin to turn support

This Seeing a double-digit rebound from many altcoins It shows that traders are becoming more and more bullish every day, but maintaining this momentum depends to some extent on Bitcoin’s (Bitcoin) Short-term price movements.

Data from Cointelegraph Markets Pro and Transaction view It shows that after hitting the price level of US$48,000 in the morning trading session on August 16, the price of BTC fell below US$45,800 as the bulls scrambled to prevent the price from falling.

BTC/USDT 4-hour chart. source: Transaction view

This is what analysts say may be the next step for Bitcoin prices.

Bitcoin needs to retest support after rising 50%

Bitcoin surged from USD 29,500 on July 20 to USD 48,000 on August 14, causing the price to stabilize in the trading range between USD 44,000 and USD 48,000, as shown in the following tweet by Twitter anonymous analyst Nunya Bizniz .

The balance point identified in the above tweet is located near US$46,123. Analysts may suggest that after BTC tests support, the buying volume may increase because short-term traders see the current pullback as support/resistance retesting.

On the other hand, Gas Fring, a pseudonym trader, Suggest A rebound may also occur at the bottom of the ascending channel and cause the same result, but it is worth noting that both analysts use the 1-hour chart, so these recommendations only refer to the possible price trend results today.

BTC/USD 1-hour chart. source: Twitter

Miners are hoarding again

A recent report by Glassnode highlighted that miner holdings are another potential bullish indicator for Bitcoin. On-chain analytics providers have observed “net reduction in forced seller pressure from miners.”

Changes in the net position of Bitcoin miners. source: Glass node

China started cracking down on mining industry in May Bitcoin’s hash rate has suffered heavy losses, Causing miners to close stores and switch to different cryptocurrency mining in a more friendly manner.

Glassnode said,

“We have seen miners’ net balance positions continue to increase in the past two months. The net increase in miners’ balances has now reached more than 5,000 bitcoins per month, which indicates a net decrease in mandatory seller pressure from miners.”

related: Despite being the most “greedy” since its all-time high, BTC is still expected to exceed $50,000: 5 things worth paying attention to in Bitcoin this week

Daily closing price above $46,500 is the next obstacle

According to crypto twitter analyst Rekt Capital, $46,500 is an important level for BTC in the short term.

As shown above, the price trend of BTC has led to the formation of an ascending triangle on the daily chart, and the price needs to close above $46,500 to confirm the successful test of the triangle resistance.

The daily closing price above US$46,500 will support the continuation of the upward trend, and the ascending triangle breakdown may cause the Bitcoin price to fall to the low area of ​​US$40,000.

The overall market value of cryptocurrencies is now $2.007 trillion, and Bitcoin’s dominance rate is 43.5%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.