Despite record accumulation and supply shocks, the price of Bitcoin still fell to $46,700

Bitcoin (Bitcoin) A new local low was reached on August 31, as weak price movements further deviated from the bullish sentiment.

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

Bitcoin avoids bullish continuation

Data from Cointelegraph Markets Pro with Transaction view After falling by $2,000 within a few hours, BTC/USD reversed to $46,700 on Bitstamp.

As part of the multi-day range structure, the decline caused it to push up to $48,000, and the bulls were still unable to accumulate momentum to attack $50,000.

For the popular trader Crypto Ed, USD 48,200 is a level that continues to rise.

“Demonstrated some tricky moves and failed to retest overnight with that dump,” he Comment On the hour chart.

“Now I am busy printing the Bart pattern. The same point of view is still there: we are happy to take back the first horizontal line.”

BTC/USDT annotated 1-hour candlestick chart (Binance).Source: Encrypted editor/Twitter

Although the price trend lags behind any significant improvement in market activity, analyst sentiment remains generally optimistic that day.

Some highlight Conspicuous accumulation At the current level, on-chain indicators such as illiquid supply are also a topic.

William Clement, Chief Insight Analyst at Blockware, said: famous.

“In the next few months, we will go even higher.”

Bitcoin’s illiquid supply relative strength index and BTC/USD chart.Source: William Clement/Twitter

Ethereum on the move

On altcoins, Solana (Sol) And Polka (point) Is one of the top ten cryptocurrencies by market value.

related: 8/30 price analysis: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA

SOL/USD continued to reach new highs, rising 19% on the day to around 120 US dollars, while DOT/USD rose 9.2%.

Ether (Ethereum) Is also on the rise, up 5% at the time of writing, Cointelegraph writer Michaël van de Poppe over $3,350 describe As a “bullish” market.

“Ethereum also bounced back from BTC’s support. It looks good,” he added.

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