As key BTC price resistance collapsed, Bitcoin stole $47,000 from bears

Bitcoin (Bitcoin) It temporarily recovered US$47,000 on Wednesday, and analysts believe that this move should open the way for US$50,000.

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

Bitcoin bulls escaped another low retest

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD remained at the 47,000 USD mark on Wednesday, which is essential for continued bullishness.

Level seen Fierce defense Was attacked by whales the day before, but the bulls finally prevailed and pulled Bitcoin out of the multi-day decline channel.

Even the drop to 46,000 USD could not be realized, which reinforces the more optimistic situation of the short-term BTC price trend.

After the BTC/USD golden cross event, relative strengths and weaknesses Hit a record low Foreign exchange balance and implied Tight supply.

Bitcoin exchange balance chart. Source: CryptoQuant

This is more obvious on the daily chart, as the popular trader Pentoshi famous, Produced a “bullish engulfing” candle, eliminating the six-day sideways trade.

“Going back above the 200-day moving average and now facing some resistance at Monday’s high/September monthly opening price ($47,000 to $47,150),” analyst William Clement Add to.

“If these levels are indeed broken, they may soon rise to the August high of $50,500.”

Support echoing the monthly minimum closing forecast

Looking at the buying and selling levels of the major exchange Binance, it is confirmed that the resistance is now higher, slightly above US$49,000, and the obvious support is also thousands of US dollars lower than the spot price.

Support queuing Existing forecast For the lowest monthly closing price in September, this is $43,000. In contrast, October requires a minimum monthly closing price of $63,000, which is close to Bitcoin’s all-time high.

related: Bitcoin technology: The upcoming “golden cross” shows a potential bottom for BTC prices

BTC/USD buy/sell levels (Binance) as of September 15. Source: Material Indicators