As Solana (SOL) leads the soaring of altcoins, Bitcoin prices are in line with an “impulsive rebound”

Bitcoin (Bitcoin) Volatility is late again, and an analyst tends to “impulse” to move towards $50,000.

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

Trader: “Calmly Waiting” for Bitcoin Breakthrough

Data from Cointelegraph Markets Pro with Transaction view BTC/USD continued to circle around USD 46,000 on September 9th because of the creepy calm surrounding the market.

Tuesday saw large-scale turmoil as a series of loose positions triggered Lose $9,000 per day For Bitcoin, analysts have since fixed Over-leveraged traders.

Popular trader Crypto Ed stated that although the event’s low of $42,800 has not been retested, the collapse is not impossible.

“To me, this looks like a bullish pennant… an impulsive rebound and then a consolidation,” he said Summarize And the chart updated on Wednesday.

“Calm down and wait for it to erupt. When it collapses, it’s wrong.”

BTC/USD scenario.Source: Encrypted editor/Twitter

Due to the expected upward trend, trader and analyst Rekt Capital will continue to retest Bitcoin’s 50-day exponential moving average (EMA) as a potential game changer.

“This is the first time BTC has retested the blue 50-day moving average as support, after it was retracted as support in late July,” he said. famous.

“The 50-day EMA helps to understand the bullish momentum because it tends to support an established uptrend.

BTC/USD 1-day candlestick (Bitstamp) and 50-day moving average. Source: TradingView

As Solana exceeds $200, altcoins recover

At the same time, the improved performance of major altcoins has brought hope to Bitcoin’s short-term bullish case.

related: 9/8 Price analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH

Although BTC/USD remained roughly the same overnight, all of the top ten cryptocurrencies by market capitalization recorded steady gains of at least 4%.

Ether (Ethereum), increased 4.5% at the time of writing to circle $3,470, and Cardano (Have) Rose to above $2.50.

Still dazzling However, the most important one is Solana (SOL), which is now trading at more than $200, which is a 32% increase in just 24 hours.

SOL/USD 1-hour candlestick chart (FTX). Source: TradingView