Bitcoin price hits $ 47.000 as critical BTC price resistance crumbles

The price of Bitcoin provisionally recovered the $ 47,000 level on September 15. The price of Bitcoin (BTC) tentatively recovered to $ 47,000 on September 15 in a move that analysts say should open the way to $ 50,000.

Bitcoin’s bullish momentum breaks free from retesting lows

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair held the $ 47,000 mark on Wednesday, and this was crucial in turning the situation upside. The level had seen fierce defense from the whales the day before, but the bullish momentum eventually won the upper hand, lifting Bitcoin out of a multi-day descending channel.

Even a drop towards $ 46,000 did not materialize, reinforcing the optimistic case for BTC price action in the short term. This is the 4 hour closing candle for BTC. If there is a drop to ~ $ 46,100 from this point, it is likely an opportunity to retest to confirm a breakout from BTC’s current market structure.

The relative strength follows a golden BTC / USD crossover event, amid record lows for exchange balances, and an implicit supply squeeze. This was even more evident on the daily chart, which, as popular trader Pentoshi noted, produced a “bullish engulfing” candle that erased six days of side action.

“Back above the 200DMA, it is now facing a bit of resistance at Monday’s high / September monthly open ($ 47,000 – $ 47,150),” added analyst William Clemente. “If those levels are exceeded, a fairly rapid move towards the August high of $ 50,500 could occur.”

Support Echoes Predictions of a Monthly Low Close

A look at the buy and sell levels on the large exchange Binance confirmed that resistance is now higher, just above $ 49,000, with clear support several thousand dollars below the spot price. Support lines up with existing predictions for September’s monthly low close, which is $ 43,000. October, by contrast, calls for a minimum monthly close of $ 63,000, close to a new all-time high for Bitcoin.

References: es.cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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