How far will the price of Bitcoin continue?
Bitcoin reached the important support of the 200-day EMA for the third time in August, worrying many of its holders.
Summary of analysis
- The BTC correction has many analysts worried.
- BTC should be able to maintain its position above the $60,000 range to start a new up move.
According to Cointelegraph, Bitcoin reform
BTC:
From the range of $65,000 to the level of $58,000 has worried many analysts. BTC should be able to maintain its position above the $60,000 range to start a new up move. In this case, we can hope for the growth of BTC. The 4-hour intermediate chart, for example, shows that Bitcoin is forming higher highs and lower lows.
Data from the CoinGlass website shows that the BTC funding rate is still positive. This shows that the bullish sentiments of experienced derivatives market traders have not yet completely disappeared.
However, as the market is approaching September, the possibility of an immediate and sharp BTC rally below the $58,000 level is unlikely. History has shown that this month had the lowest average return on investment (ROI) of Bitcoin in the last decade.
On the other hand, with the loss of the $60,000 and $58,000 support, there is a possibility that BTC will reach the $54,000 and $52,000 range again and use the liquidity of the $53,500 level.
When BTC reached the $49,000 range earlier this month; Its daily candle closed slightly above the 54,000 level. This showed that its buying pressure is extremely high at this level. A further drop in Bitcoin's price to the $49,000 level would mean another 18% correction.
On the weekly chart, the said drop caused a long-term order block to be filled between $47,000 and $50,500. It is worth noting that if this block order is tested again, Bitcoin can also test its 100-day and 50-day EMA support.
The chart below shows that 6.3 million traders bought 2.33 million BTC at an average price of $44,000. As a result, if the $49,000 support is lost, Bitcoin can use the $44,000 level as its next support.
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