As bulls hold off on another fall to support at $43,000, sellers are currently waiting above $49,000 while they wait.
Bitcoin ( BitcoinTC), which was tentatively reclaimed $47,000 Wednesday, is a move analysts believe will open the door to Bitcoin’s potential rise to $50,000.
Bitcoin bulls escape a second retest of the lows
Data from Cointelegraph Markets Pro, TradingView indicated that BTC/USD held the $47,000 mark Wednesday. This is crucial for bullish continuation.
Although the level had been subject to fierce defense from whales the previous day, bulls won the day and lifted Bitcoin out of a multiday descending channel.
A dip towards $46,000 was not possible, reinforcing the more optimistic case of short-term BTC price action.
This was evident even more from the daily chart. As Pentoshi noted popular trader Pentoshi , it produced a “bullish Engulfing” candle which wiped out six days worth of sideways action.
Analyst William Clemente said, “Back above 200DMA, now facing resistance at Monday’s high/September’s Monthly open ($47K–$47,150).”
“If these levels are broken, we could see a very quick move up to August’s high of $50.5K.”
Support echoes Minimum Monthly Close Predictions
An examination of the buy and sale levels on major exchange Binance revealed that resistance is now higher at just over $49,000 with clear support at several thousand dollars below spot.
Support aligns with current predictions regarding the minimum monthly close for September, which is $43,000. October requires a minimum monthly close of $63,000, which is close to the new record for Bitcoin.
