{"id":333064,"date":"2021-08-31T11:59:38","date_gmt":"2021-08-31T08:59:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events\/"},"modified":"2021-08-31T11:59:38","modified_gmt":"2021-08-31T08:59:38","slug":"bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events\/","title":{"rendered":"# Bitcoin price sinks to $46.7K despite record accumulation and supply shock events"},"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-6a4150c292988\" 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-6a4150c292988\" 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\/bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events\/#Bitcoin_evades_bullish_continuation\" >Bitcoin evades bullish continuation<\/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\/bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events\/#Ether_on_the_move\" >Ether on the move<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price sinks to $46.7K despite record accumulation and supply shock events <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) saw fresh local lows on Tuesday as limp price action diverged further from bullish sentiment.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/23f0abf0-40eb-40b5-b577-edd9626f306a.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_evades_bullish_continuation\"><\/span>Bitcoin evades bullish continuation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\">TradingView<\/a> showed BTC\/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours.<\/p>\n<p>Part of a multi-day rangebound construction, the dip resulted in a push toward $48,000, with bulls still unable to gather momentum for an attack on $50,000.<\/p>\n<p>For popular trader Crypto Ed, $48,200 was the level to watch for continuation upward.<\/p>\n<p>\u201cShowing some tricky moves, retest failed overnight with that dump,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1432621691830616067\">commented<\/a> on the hourly chart. <\/p>\n<blockquote><p>\u201cRight now busy to print a Bart pattern. Still having the same view: reclaim that first horizontal and we\u2019re good to go.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/3147fa9d-5396-4da3-9e51-c27bac14bba5.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT annotated 1-hour candle chart (Binance). Source: Crypto Ed\/<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>The mood among analysts broadly stayed optimistic on the day despite price action lagging any noticeable improvement in market activity. <\/p>\n<p>Some highlighted <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1432328378384781326\">conspicuous accumulation<\/a> at current levels, while on-chain metrics such as illiquid supply were also a talking point. <\/p>\n<p>\u201cThis wave of Bitcoin supply shock has the most momentum of any in recent history,\u201d William Clemente III, lead insights analyst at Blockware, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1432399090143449100\/\">noted<\/a>. <\/p>\n<blockquote><p>\u201cWe\u2019re going much higher over the coming months.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/c4fe8948-bb93-40b7-b073-c96060b76108.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin illiquid supply relative strength index vs. BTC\/USD chart. Source: William Clemente III\/Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Ether_on_the_move\"><\/span>Ether on the move<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On altcoins, Solana (SOL) and Polkadot\u2019s\u00a0DOT\u00a0were the standouts in the top 10 cryptocurrencies by market capitalization.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Price analysis 8\/30: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA<\/em><\/strong><\/p>\n<p>SOL\/USD continued making new highs, gaining 19% on the day to near $120, while DOT\/USD added 9.2%.<\/p>\n<p>Ether (ETH) was also on the move, up 5% at the time of writing and above $3,350 in what Cointelegraph contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1432611989000425473\">described<\/a> as a \u201cbullish\u201d market.<\/p>\n<p>\u201cEthereum bouncing from support as well on the $BTC pair. Looking good,\u201d he added.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/99924c67-3b81-4050-a5e4-d5fbc2a755ee.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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\/bitcoin-price-sinks-to-46-7k-despite-record-accumulation-and-supply-shock-events\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price sinks to $46.7K despite record accumulation and supply shock events &#8221; Bitcoin (BTC) saw fresh local lows on Tuesday as limp price action diverged further from bullish sentiment. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin evades bullish continuation Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reversing at $46,700 on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":333065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvOTc5MjA5NzAtMzkwMy00MjBhLThkZjgtYThlZGRmNzQ5MTAxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,82402,73785],"class_list":["post-333064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-ether-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/333064","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=333064"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/333064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/333065"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=333064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=333064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=333064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}