Key points
- More than 3,200 long-running Bitcoin sites have been covered last week.
- Meanwhile, whales have added 60,000 Bitcoin to their holdings in the same period.
- A daily close above $ 49,650 could start the next stage up from the first cryptocurrency asset.
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Investors appear to be re-entering the market as Bitcoin positions rise as whales add tokens to their holdings. While the recent rise in buying pressure seems encouraging, BTC still has a crucial hurdle to overcome.
Bitcoin purchase orders are filling up
Whales have turned their attention to Bitcoin.
The September 7 flash shock has sent market participants to by. Now, some of the most recognized technical analysts in the crypto industry argue that the $ 53,000 rejection of Bitcoin could lead to a catastrophic outlook.
For example, the analyst operating under the alias deve the wave believes that it would be the flagship cryptocurrency throw about $ 30,000. They stated that the recent downward pressure could accelerate into a more significant downward trend as the moving average convergence divergence or MACD had a believes bearish on the monthly BTC chart.
It is the monthly MACD, still high [and just crossed bearishly], which adds weight to price consolidation. pic.twitter.com/wzScqbMRWM
– dave the wave🌊 (@davthewave) September 13, 2021
Despite the worst bearish scenario, several key factors suggest that some investors have taken advantage of the falling price to buy Bitcoin at a discount.
The number of long Bitcoin positions in the Hong Kong-based cryptocurrency exchange Bitfinex has risen to its highest level since July 22. More than 3,200 long positions have been created over the past week alone, suggesting some traders have bought the dip.
Similarly, the Santiment behavior analysis platform shows that whales are accumulating.
Directions from 10,000 to 100,000 BTC have bought more than 60,000 BTC worth about $ 2.82 million over the same period. This significant number of tokens was also removed from known cryptocurrency exchange portfolios, reducing the selling pressure behind Bitcoin.
As purchase orders accumulate, the IntoTheBlock In / Out of the Money Around Price (IOMAP) model shows a significant supply barrier ahead of Bitcoin. Approximately two million addresses have previously purchased about 900,000 BTCs between $ 46,900 and $ 49,650.
Only a daily candlestick near this resistance wall would indicate the resumption of the upward trend.
On the other hand, Bitcoin should stay above the support area of $ 44,000 to $ 46,800 to avoid additional losses. Clearing this important area of interest can encourage investors to sell their BTC to prevent their investments from running out of money. In that event, a $ 38,000 drop could be played.
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