The consequences of China’s continued crackdown on the encryption industry have caused uncertainty to return to the market. At the time of writing, Bitcoin (Bitcoin) Trader continues Meet resistance at the $43,000 level Many altcoins that accumulated gains in early trading also fell into losses.
Data from Cointelegraph Markets Pro with Transaction view It shows that the early morning attempts by the bulls to push the price of BTC above $44,000 have met firm resistance, but the current back and forth seems to be nothing more than a consolidation.
The following are the views of cryptocurrency traders and analysts on Bitcoin’s recent price movements, as well as the things to be aware of at the end of the market in September.
Bitcoin needs to regain support for $43,600
According to cryptocurrency analyst and pseudonym Twitter user Rekt Capital, a bearish warning appeared on the weekly Bitcoin chart, and he posted the following tweet showing that the price of BTC closed below the main demand area.
#BTC Execute weekly closing prices below the main orange demand area
As with the situation after the weekly closing price falls below the support level, this area may turn into a resistance level in a relief rebound.Bitcoin Need to recover ~$43,600 as support for bullish bias#encryption #Bitcoin pic.twitter.com/45Z39YZs0t
— Rekt Capital (@rektcapital) September 27, 2021
As suggested in the tweet, if Bitcoin fails to climb to higher levels, the $43,000 support level may turn into a new resistance level as the bulls squat down to resist the relief bounce.
According to the trader, Bitcoin bulls need to regain support of $43,600 to continue the bullish uptrend, otherwise the bearish narrative may gain a foothold.
Confirm price reversal
Options trader and anonymous Twitter user John Wick gave a more optimistic view of Bitcoin’s current price setting. Post The figure below outlines the current four-hour setting of BTC.
According to Wick, recent actions confirmed the bottom of the BTC price and the price reversal, indicating that this may be a good time to open a long position.
“In this setup, I have half of my long swing position. When/if we break through the resistance (yellow line), I will add the other half.”
Data on the chain points to a large amount of accumulation
Although the recent price movements of BTC have fluctuated and caused widespread fear and confusion, the data on the chain shows that senior traders are bullish for a long time as they continue to accumulate as much Bitcoin as the market can supply
come down #Bitcoin For the past two years, supply from the exchange has been the dominant trend-briefly interrupted by the May adjustment.
We are firmly in the accumulation period.
There is no sign that this situation will change anytime soon. pic.twitter.com/F4tdZAoh3I
-Bitcoin Archive (@BTC_Archive) September 27, 2021
As seen in the above tweet from the Bitcoin Archives, for most of the past two years, the supply of Bitcoin held by exchanges has declined as holders continue to buy in the market and withdraw their privately controlled wallets .
This shows that the market is still in a period of accumulation, as pointed out by the Bitcoin archives. This trend shows no signs of slowing down in the near future, and as its circulating supply decreases, it may cause positive pressure on the price of BTC.
The overall cryptocurrency market value is now $1.919 trillion, and Bitcoin’s dominance rate is 42.4%.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.