Uncertainty has found its way back to the market as a result of the ongoing crackdown on China in the crypto sector. At the time of writing, Bitcoin (BTC) traders are facing pushbacks at the 43,000 level, and many of the Altkins that have accumulated profits in the morning session have also turned red.
Data from Cointelegraph Markets Pro and TradingView show that the bulls’ morning effort to push the price of BTC above 44 44,000 was met by strong resistance but seems to be nothing more than a consolidation of the current front and back.
Take a look at what crypto traders and analysts have to say about the recent rise in Bitcoin prices and what to do as the market closes in September.
Bitcoin will have to reclaim support at 43 43,600
According to cryptocurrency analyst and pseudonymous Twitter user Rect Capital, the weekly Bitcoin chart has a bearish warning, who posted the following tweet to show that BTC prices have closed below a key demand area.
# BTC The main orange demand area closes weekly
As is always the case after weekly shutdowns at the bottom of the supply, the region is at risk of leaning towards relief rallies.$ BTC 4 $ 43600 will have to be reclaimed as support for the bullish bias# Crypto # Bitcoin pic.twitter.com/45Z39YZs0t
– Rect Capital (ktrektcapital) September 27, 2021
As suggested in the tweet, if Bitcoin fails to rise to the heights, the $ 43,000 support level could go to a new resistance level as the bulls go down to defend against the relief rally.
According to the trader, Bitcoin bulls need to regain support at 43 43,000 so that early progress can continue, otherwise, the bearish could catch the narrative.
The price is sure to reverse
An even sharper offer on the current price setup for Bitcoin was made by alternative trader and pseudonymous Twitter user John Wick, who Post The chart below outlines BTC’s current four-hour setup.
According to Wick, the recent activity has confirmed the BTC price is down and the price has changed, indicating that it may be a good time to open a long position.
“I have a half long swing position in this setup. I will add the remaining half when / if we break the resistance (yellow line).
Related: Bitcoin breaks new heights in Q4 ‘will temporarily turn Alts into dust’ – Analyst
On-chain data points to heavy deposits
Although the recent pricing system for BTC has been volatile and has led to widespread fear and confusion, on-chain data indicates that experienced traders are bullish in the long run because they tend to accumulate as much bitcoin as possible in the market.
Going later # Bitcoin Supply on the exchange has been an influential trend for almost 2 years – briefly disrupted by the May amendment.
We are firmly in the storage period.
Soon it shows no signs of changing. pic.twitter.com/F4tdZAoh3I
– Bitcoin Archive (TCBTC_Archive) September 27, 2021
As seen in the above tweet from the Bitcoin Archive, the supply of Bitcoin kept on the exchange has declined over the past two years as holders continue to purchase in the market and withdraw to their personally controlled wallet.
This indicates that the market is in terms of the storage period and the details of the Bitcoin archive. This trend shows no signs of slowing down in the near future and could put positive pressure on BTC prices as its performance supply contracts.
The overall cryptocurrency market cap is now 1.919 trillion and the dominance rate of Bitcoin is 42.4%.
The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.