The fallout from China’s ongoing attacks on the crypto sector has brought uncertainty back to the market. At the time of writing, Bitcoin traders (BTC) are still facing the challenge of withdrawing $ 43,000 and several coins that have accumulated profits in the morning session are also falling in the red.
Data from Cointelegraph Markets Pro and TradingView show that early morning bulls’ attempts to push the BTC price above $ 44,000 met strong resistance, but the current back and forth movement appears to be nothing more than consolidation.
4-hour BTC / USDT chart. Source: TradingView
Here’s what cryptocurrency traders and analysts are saying about recent Bitcoin price changes and what to look out for when the market closes in September.
Bitcoin Needs To Restore Support For $ 43,600
According to cryptanalyst and Twitter user alias Rekt Capital, a bearish warning appeared on the weekly Bitcoin chart, which posted the following tweet explaining that the price of BTC closed below a large demand zone.
As mentioned in the tweet, if Bitcoin doesn’t move higher, the $ 43,000 support level could be the next level of resistance as the bulls rush to protect themselves from the relief meeting.
According to the trader, bitcoin bulls must drop the $ 43,600 support for the bull rally to continue, or else the bear story could take its toll.
In addition, the positive momentum in the current Bitcoin price setup was provided by options trader and Twitter username John Wick, who posted the following chart describing BTC’s current four-hour setup.
4-hour BTC / USD chart. Source: Twitter
Recent action has confirmed a bottom in BTC’s price as well as a price reversal, Wick said, indicating that now is a good time to go long.
“I have half my long swing position on this setup. I will add the second half when / if we break the resistance (yellow line). ”
On the subject: Bitcoin that conquered new heights in the fourth quarter “will temporarily turn to dust” – analyst
Data in the series indicates a large accumulation
While recent BTC price action has been volatile and has caused fear and confusion, data from the chain indicates that veteran traders are optimistic in the long run as they continue to accumulate as much bitcoin as the market can save.
As we saw in the tweet above from the bitcoin archive, the supply of bitcoins on exchanges has declined for most of the past two years as owners continue to buy from the market and go into their wallets.
This indicates that the market is still in a period of accumulation as indicated in the bitcoin archive. This trend shows no signs of slowing down in the near future and could put positive pressure on the BTC price as the supply in circulation shrinks.
The total market value of the cryptocurrency is now $ 1.919 trillion, and the bitcoin dominance rate is 42.4%.