Seeing the upside in the downside – Bitcoin (BTC)
loses $45,000 for a moment, a drop that doesn’t stop traders and analysts from issuing further bullish outlooks. On-chain and exchange data is raising hopes of another liquidity crisis on the sell side that would allow Bitcoin to break the crucial $46,700 level for a near return to $50,000.
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The $46,700 to take, to reclaim the $50,000
Bitcoin loses the $46,000 and even makes a quick foray below $45,000 on Bitfinex today, September 10, 2021. The bounce allows the bulls to retake the $45,000, but not the $46,000. Bitcoin is trading at $45,778 at the time of writing, and is currently recording a daily loss of 1.6%.
Trader Michael van de Poppe believes at this time that Bitcoin has not entered a bear market. In particular, he pointed out the key levels for Bitcoin. The $45,700 is a bullish support but if it were to give way, then the next ones would be at the $43,000 – $44,000. The $46,700 is a major resistance level to break to retake the $50,000 :
“If this cracks, I think the chances of breaking through $47,500 all the way to $50,000 are significant, and that will bring strength to the altcoin markets, as they will just follow suit.”
Video by Michaël van de Poppe – Source: YouTube
Bullish signal: exchanges are emptying out their Bitcoins
CryptoQuant CEO Ki Young Ju shared in his tweet today, a chart showing a significant drop in Bitcoin reserves of major exchanges. The level of the latter dropped to 2.399 million Bitcoin yesterday, September 9, 2021, knowing that the low seen in early May was 2.390 million. The markets seem to have reversed the deposit trend following the mid-May 2021 crash, with a return to an investment, not speculation, mentality.
<img width=”798″ height=”506″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/ki-young-ju..png” alt=’Bitcoin reserves have recorded significant declines, heralding a seller-side liquidity crunch that could blow up the price Bitcoin.’ />Posting by Ki Young Ju – Source: Twitter
Derivatives platforms that saw large liquidations at the root of the August 7, 2021 crash
“The latest active 1-year and 2-year (1d MA) bid just hit a 3-year low of 1,618,325.184 BTC. The previous 3-year low of 1,618,459.018 BTC was observed on 06 August 2021.”
<img width=”1920″ height=”960″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%201920%20960’%3E%3C/svg%3E” alt=’Bitcoin supply is less mobile, a bullish signal for Bitcoin’s price?” /><img width=”1920″ height=”960″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/glassnode-today..jpg” alt=’Bitcoin supply is less mobile, a bullish signal for Bitcoin’s price?” />Glassnode post – Source: Twitter
It’s been an eventful and emotional week for Bitcoin, with the legalization of Bitcoin in El Salvador amid a flash crash, but also confirmation that McDonald’s customers in El Salvador can pay for breakfast in Bitcoin
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