Bitcoin steals $47K from bears as critical BTC price resistance crumbles. As a matter of fact, on September 15, Bitcoin (BTC) tentatively recaptured $47K, a move that analysts believe will pave the way to $50K.
Bitcoin bulls escape another retest of lows
In fact, BTC/USD captured holding the $47K milestone on Wednesday, which is critical for bullish continuation.
The level had been defended vehemently by whales the day before, but bulls eventually took control, pushing Bitcoin out of a multi-day declining channel.
Even a drop towards $46K failed to materialize, strengthening the bullish case for BTC price action in the immediate term.
However, The relative strength comes after a golden cross on the BTC/USD pair, which occurred amongst record low exchange balances and an ostensible supply crunch.
Moreover, this was made clearer by the daily chart, which exhibited a “bullish engulfing” candle that erased six days of sideways movement, as highlighted by popular trader Pentoshi.
Analyst William Clemente noted, “Back above the 200DMA, now facing some resistance at Monday’s high/Monthly September’s open ($47K-$47,150)”.
Support echoes minimum monthly close predictions
Comparatively, a look at the purchase and sell levels on the main exchange Binance revealed that resistance is now just around $49,000, with clear support a few thousand dollars below spot price.
In conclusion, support is consistent with previous forecasts for the minimum monthly close in September, which is $43,000. In comparison, October requires a minimum monthly close of $63,000, which is close to a new all-time high for Bitcoin.