{"id":330851,"date":"2021-08-27T01:30:00","date_gmt":"2021-08-26T22:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-say-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected\/"},"modified":"2021-08-27T01:30:00","modified_gmt":"2021-08-26T22:30:00","slug":"analysts-say-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-say-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected\/","title":{"rendered":"# Analysts say Bitcoin price pullback and profit-taking at $50K \u2018was expected\u2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a269df95a5e9\" 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-6a269df95a5e9\" 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-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected\/#BTC_price_could_trend_south_for_a_while\" >BTC price could trend south for a while<\/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-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected\/#Traders_expect_the_46200_support_to_hold\" >Traders expect the $46,200 support to hold<\/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-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected\/#Profit-taking_at_50000_was_expected\" >Profit-taking at $50,000 was expected<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts say Bitcoin price pullback and profit-taking at $50K \u2018was expected\u2019  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The euphoria seen across the cryptocurrency ecosystem over the past couple of weeks was tampered down on Aug. 26 as an early morning attempt by bulls to push the price of Bitcoin to $50,000 was soundly rejected.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that following its rejection, the price of Bitcoin slid to a low of $46,457 before bulls managed to regroup and put a halt to the downturn. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/b5da1143-bbe2-4af2-b921-9fd7474fa7d6.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day 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 about Thursday\u2019s price action for Bitcoin and a few things they are watching for as the digital asset is caught between a tug-o-war between bulls and bears.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_could_trend_south_for_a_while\"><\/span>BTC price could trend south for a while<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The $50,000 price level was identified as a critical area for Bitcoin by market analyst and Cointelegraph contributor Micha\u00ebl van de Poppe, who posted the following tweet outlining the significant support and resistance areas. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Couldn&#8217;t break the critical area for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>. <\/p>\n<p>Might be making a slight bounce here, but overall trend is south for a little.<\/p>\n<p>Massive support around $44K.<\/p>\n<p>Invalidation if breakout above $49K 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>ens (and mostly, $51K). <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/d7gTuHKCvA\">pic.twitter.com\/d7gTuHKCvA<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1430865339450118147?ref_src=twsrc%5Etfw\">August 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to van de Poppe, Bitcoin is likely to spend some time in a downward trend following this latest pullback, but there is a significant amount of support at the $44,000 level that could protect it from further decline. <\/p>\n<p>The $51,000 price level was noted by van de Poppe as an important price to overcome to invalidate the current bearish trend. <\/p>\n<p>The analyst\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1430844170894254088\">said<\/a>:<\/p>\n<blockquote><p>\u201cIt&#8217;s obviously not a bear market, but the overall consensus is that emotions can take over. Especially if Bitcoin corrects some more towards $44,000 or potentially $42,000, the topic of &#8216;long bear cycle&#8217; will start to take over.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Traders_expect_the_46200_support_to_hold\"><\/span>Traders expect the $46,200 support to hold<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Whalemap, a crypto-focused data tracking service, the calls for a lengthy bear cycle are premature at best according to on-chain data. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/92e89535-7c7f-4b7e-9b7a-4650ee289dd8.jpg\"><figcaption style=\"text-align: center;\"><em>Bitcoin volume profile. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1430872631721537541\/photo\/1\"><em>Whalemap<\/em><\/a><\/figcaption><\/figure>\n<p>As seen in the chart provided, the $46,200 support level is important as the next support level is found at $39,600. On-chain data also shows that there is a limited amount of selling volume between $46,200 and $57,400.<\/p>\n<p>Whalemap analysts\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1430872631721537541\">said<\/a>:<\/p>\n<blockquote><p>\u201cNo reasons to get bearish just yet. Risk reward looks pretty positive if you look at on-chain data. A lot of UTXOs held unspent at $46,200 and not much selling pressure up until $57,400.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Grayscale Bitcoin Trust FUD is now over as the last GBTC unlock totals just 58 BTC<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Profit-taking_at_50000_was_expected\"><\/span>Profit-taking at $50,000 was expected<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Crypto analyst Will Clemente issued some reassuring words on Aug. 24 when warned of a possible short-term bearish pullback based on exchange inflows and whale wallet activity. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I am short term bearish.<\/p>\n<p>Drop in Illiquid Supply Ratio and coins moving onto exchanges. Also seeing some selling from whales. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/nRhdB2GuSp\">pic.twitter.com\/nRhdB2GuSp<\/a><\/p>\n<p>\u2014 Will Clemente (@WClementeIII) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1430331311043059712?ref_src=twsrc%5Etfw\">August 25, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Thursday\u2019s pullback in the market showed that Clemente\u2019s concerns were warranted and the analyst followed up the previous tweet with, \u201cI think the large portion of this short-term move is probably over.\u201d <\/p>\n<p>In a separate tweet, Clemente <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1430885380258078727\">said<\/a>:<\/p>\n<p>\u201cIt&#8217;s not unexpected to see some profit-taking after the move up to $50,000, but watching the rate at which this is happening and more importantly, are sellers willing to start selling at a loss? Some clues can be offered by Realised P\/L, SOPR, SOAB, ASOL, and Realised Gradient.\u201d<\/p>\n<p>The overall cryptocurrency market cap now stands at $1.999 trillion and Bitcoin\u2019s dominance rate is 44.2%.<\/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-bitcoin-price-pullback-and-profit-taking-at-50k-was-expected\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Analysts say Bitcoin price pullback and profit-taking at $50K \u2018was expected\u2019 &#8221; The euphoria seen across the cryptocurrency ecosystem over the past couple of weeks was tampered down on Aug. 26 as an early morning attempt by bulls to push the price of Bitcoin to $50,000 was soundly rejected.\u00a0 Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":330852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvNGI1OGY0MWQtNTdhZi00OGYxLThhYzAtZTkwOWRlZDlkN2E2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-330851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330851","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=330851"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/330852"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=330851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=330851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=330851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}