Green near future – Bitcoin (BTC)
continues to fluctuate around the $46,000 mark. Traders and analysts remain optimistic for the time being about an upcoming bullish recovery.
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Attacking the $48,000 during loading
Markets are experiencing high volatility today, September 9, 2021. The price of Bitcoin is fluctuating between the $45,500 and $47,400 on Bitfinex. Bitcoin is trading at $46,561 at the time of writing, with a daily mini-gain of 0.41%.
Should we now expect the next rise, a drop to lower levels, or a consolidation around $46,000 after the flash crash that took Bitcoin down to $50,000
? Trader Crypto Ed shared a chart in his tweet today, showing a bullish pennant, which should lead to a bullish impulse for Bitcoin to break resistance around $48,300. Crypto Ed’s post – Source: Twitter
Bullish test and buy dips for Bitcoin
Is this bullish scenario realistic or is Crypto Ed just too optimistic in his forecast? Trader Rekt Capital has drawn attention to the fact that Bitcoin is retesting the 50-day exponential moving average for the first time since he managed to turn it into support in late July 2021. This average, which currently sits around $45,100, is critical “to understanding the bullish momentum, as it tends to support established uptrends.”
Rekt Capital publication – Source: <a href=”https://twitter.com/rektcapital/status/1435714522476687363/photo/1″ target=”_blank” rel=”noopener”>Twitter
Despite the crash, Bitcoin could be about to start another bullish rally if another indicator is to be believed. Decentrader analyst Philip Swift shared a chart in his tweet today showing that the “Spent Output Profit Ratio turned negative (green) yesterday as on-chain
speculators were selling at a loss.” Publication by Philip Swift – Source: Twitter
The Spent output profit ratio
(SOPR) last turned negative on July 20, 2021, before Bitcoin rallied to re-attack the $50,000 mark. This negative SOPR means that the markets are now oversold, and investors can take advantage of this to buy Bitcoin at lower prices.
Traders and analysts are already working out bullish scenarios just under 48 hours after the latest crash. The latter would not stop the conquest of new ATH. Bitcoin would therefore still have every chance of reaching 6 figures by the end of 2021, other crypto personalities even see beyond $100,000 already.
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