BTC price maintains the 44,000 USD support level, which is a “good sign” for Bitcoin bulls

Bitcoin (Bitcoin) Approaching a key breakthrough point on August 19, as the bulls tried to turn this week’s downtrend into a battle of resistance.

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

Buyers and sellers approach BTC

Data from Cointelegraph Markets Pro and Transaction view Tracking BTC/USD broke through 45,000 USD again on Thursday and climbed to a high of 45,490 USD on Bits

This move was carried out with the support of Wells Fargo Bank revealed It has partnered with NYDIG to launch a Bitcoin fund. It brings the currency pair to the border of an important price point, which has been considered a bullish continuation before-45,600 USD.

At the time of writing, the trading price of Bitcoin was approximately $45,300, rising from a brief decline to $43,900. For Cointelegraph writer Michaël van de Poppe, the remaining $44,000 is a relief.

“Bitcoin’s support here is a good sign,” he said Summarize.

Outside the hourly time frame, the overall resistance of the largest cryptocurrency remains unchanged. Hosted one for 47,000 USD and above Big selling wall, This is what Bitcoin has not been able to crack so far.

In terms of support, buyers have digged at $40,000 and above. Under current conditions, the spot price has almost no room for maneuver.

BTC/USD trading level (Binance) as of August 19th. Source: Material Indicators/ Twitter

As the indicator points higher, the bear market has little effect

As Cointelegraph Report, Even if the price trend slows down in the short term, there are still many reasons to be optimistic about Bitcoin.

related: Ethereum “liquidity crisis” may see new historical highs of ETH before Bitcoin — analyst

Weekly Moving Average Convergence/Divergence (MACD), after 11 months in the negative zone, finally turned positive in the last week. This is a typical sign that an impulsive bullish trend is coming.

This week’s theory revolves around the so-called “double bubble” year in 2021, in which BTC/USD should reach New local peak — A model imitating 2013.

Only Grayscale Bitcoin Trust (GBTC) behind Since the price of Bitcoin began to fall to $29,000 in May, it is currently at the largest discount to the spot price.