{"id":326065,"date":"2021-08-17T00:35:00","date_gmt":"2021-08-16T21:35:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-say-46500-is-the-key-level-for-bitcoin-to-flip-to-support\/"},"modified":"2021-08-17T00:35:00","modified_gmt":"2021-08-16T21:35:00","slug":"analysts-say-46500-is-the-key-level-for-bitcoin-to-flip-to-support","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-say-46500-is-the-key-level-for-bitcoin-to-flip-to-support\/","title":{"rendered":"# Analysts say $46,500 is the key level for Bitcoin to flip to support"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ccb5244a11\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ccb5244a11\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-46500-is-the-key-level-for-bitcoin-to-flip-to-support\/#Bitcoin_needed_to_retest_support_after_a_50_rally\" >Bitcoin needed to retest support after a 50% rally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-46500-is-the-key-level-for-bitcoin-to-flip-to-support\/#Miners_are_accumulating_again\" >Miners are accumulating again<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-46500-is-the-key-level-for-bitcoin-to-flip-to-support\/#A_daily_close_above_46500_is_the_next_hurdle\" >A daily close above $46,500 is the next hurdle<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts say $46,500 is the key level for Bitcoin to flip to support <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The double-digit rallies seen from many altcoins shows traders are becoming increasingly bullish with the passing of each day, but maintaining this momentum will to some extent depend on Bitcoin&#8217;s (BTC) short-term price action.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that after touching the $48,000 price level during the early morning trading hours on Aug. 16 the price of BTC dipped below $45,800 as bulls scrambled to put a halt to the price slide.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/3fd66fdb-8ebe-4d9b-a802-ea1332a8846a.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Here\u2019s what analysts are saying could be the next steps for Bitcoin price.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_needed_to_retest_support_after_a_50_rally\"><\/span>Bitcoin needed to retest support after a 50% rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s surge from $29,500 on July 20 to $48,000 on Aug. 14 has resulted in the price settling in a trading range between $44,000 and $48,000, as shown in the following tweet from pseudonymous <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> analyst Nunya Bizniz. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BTC 1hr:<\/p>\n<p>Bounce at EQ? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/LjCdQf8yXF\">pic.twitter.com\/LjCdQf8yXF<\/a><\/p>\n<p>\u2014 Nunya Bizniz (@Pladizow) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pladizow\/status\/1427288884317245440?ref_src=twsrc%5Etfw\">August 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The equilibrium point identified in the above tweet is found near $46,123 and the analyst could be hinting that after BTC tests the support, buy volumes could increase because short-term traders would view the current pullback as nothing more than a support\/resistance retest.\u00a0<\/p>\n<p>On the other hand, pseudonymous trader, Gas Fring,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/gas_fring_\/status\/1427289571939684355\">suggested<\/a>\u00a0that a bounce could also h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en at the bottom of a rising channel would provoke the same result but it&#8217;s worth noting that both analysts are using 1-hour charts so these suggestions simply refer to the possible price action outcomes of today.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/255313c7-0f0c-4cce-a1ac-b3f7c4efda9a.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/gas_fring_\/status\/1427289571939684355\/photo\/1\"><em>Twitter<\/em><\/a><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Miners_are_accumulating_again\"><\/span>Miners are accumulating again<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A recent report from Glassnode highlighted miner accumulation as another potentially bullish indicator for Bitcoin. The on-chain analytics provider observed \u201ca net reduction in compulsory sell-side pressure sourced from miners.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/adacef53-ce65-4280-a5cc-62edd6e50304.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner net position change. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-33-2021\/\"><em>Glassnode<\/em><\/a><\/figcaption><\/figure>\n<p>China\u2019s crackdown on mining operations which began in May took a heavy toll on the Bitcoin hash rate, leading\u00a0miners to close up shop and move to different cou with a more friendly stance towards crypto mining. <\/p>\n<p>Glassnode said, <\/p>\n<blockquote><p>\u201cWe have seen the net balance position of miners continue to increase over the last two months. The net growth of miner balances has now hit +5k BTC\/month which demonstrates a net reduction in compulsory sell-side pressure sourced from miners.\u201d<\/p><\/blockquote>\n<p><em><strong>Related<\/strong>: BTC eyes $50K breakout despite most \u2018greed\u2019 since all-time highs: 5 things to watch in Bitcoin this week<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_daily_close_above_46500_is_the_next_hurdle\"><\/span>A daily close above $46,500 is the next hurdle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to crypto Twitter analyst Rekt Capital, $46,500 is an important level for BTC in the short-term. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/d209e86e-a9f2-48ca-b62d-c77b96c1ae3a.png\"><\/figure>\n<p>As seen above, the price action for BTC has resulted in the formation of an ascending triangle on the daily chart and the price needs to close above the $46,500 level in order to confirm a successful test of the triangle resistance.<\/p>\n<p>A daily close above $46,500 would support the continuation of the uptrend whereas an ascending triangle breakdown could see Bitcoin price slide into the low $40,000 zone.<\/p>\n<p>The overall cryptocurrency market cap now stands at $2.007 trillion and Bitcoin\u2019s dominance rate is 43.5%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/analysts-say-46-500-is-the-key-level-for-bitcoin-to-flip-to-support\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Analysts say $46,500 is the key level for Bitcoin to flip to support &#8221; The double-digit rallies seen from many altcoins shows traders are becoming increasingly bullish with the passing of each day, but maintaining this momentum will to some extent depend on Bitcoin&#8217;s (BTC) short-term price action. Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":326066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvNDRlZDYxNTUtNzMwMC00Y2JjLWExNGItMzI1OWJmOTMxNWJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74989,74937,74863,75150,75042,4973,73785],"class_list":["post-326065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-mining","tag-bitcoin-price","tag-cryptocurrencies","tag-market-update","tag-mining","tag-china","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/326065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=326065"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/326065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/326066"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=326065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=326065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=326065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}