To see bullish continuation, Bitcoin must flip $43,600 support. On-chain data signals indicate that BTC accumulation is continuing to grow.
Uncertainty has returned to the market following China’s continuing crackdown on crypto-sector. As of the writing, Bitcoin ( BitcoinTC) traders continue to face pushback at $43,000 . Many altcoins which had gained in the morning session are also falling into the red.
Data from Cointelegraph Markets Pro, TradingView show that bulls attempted to push BTC to $44,000 in the early hours of the morning. However, the resistance was strong and the current back-and-forth seems to be merely consolidation.
Here are some thoughts from crypto traders and analysts about recent price movements for Bitcoin. Also, what should you be watching for as the September market closes.
Bitcoin must reclaim support at $43,600
According to Rekt Capital (crypto analyst, pseudonymous Twitter user), a bearish warning appeared on the weekly Bitcoin charts. The tweet shows that BTC’s price closed below a significant demand area.
The tweet suggests that if Bitcoin does not climb higher, then the $43,000 level of support could become the new resistance level, as bulls try to resist a relief rally.
The trader stated that Bitcoin bulls must regain support at $43,600 in order for the bullish uptrend of Bitcoin to continue. Otherwise, the bearish narrative might take root.
Confirmed price reversal
Options trader John Wick (a pseudonymous user on Twitter) offered a more positive view of the current Bitcoin price setup. He posted this chart that shows the current four-hour Bitcoin setup.