{"id":339151,"date":"2021-09-14T16:25:00","date_gmt":"2021-09-14T13:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-gears-up-for-47k-assault-can-btc-price-overcome-make-or-break-resistance\/"},"modified":"2021-09-14T16:25:00","modified_gmt":"2021-09-14T13:25:00","slug":"bitcoin-gears-up-for-47k-assault-can-btc-price-overcome-make-or-break-resistance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-gears-up-for-47k-assault-can-btc-price-overcome-make-or-break-resistance\/","title":{"rendered":"# Bitcoin gears up for $47K assault \u2014 Can BTC price overcome make-or-break resistance?"},"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-6a40c42de527c\" 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-6a40c42de527c\" 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-gears-up-for-47k-assault-can-btc-price-overcome-make-or-break-resistance\/#Hodlers_vs_whales_in_the_battle_for_50000_retest\" >Hodlers vs. whales in the battle for $50,000 retest<\/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-gears-up-for-47k-assault-can-btc-price-overcome-make-or-break-resistance\/#Strong_hand_supply_hits_pre-bull_run_highs\" >Strong hand supply hits pre-bull run highs<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin gears up for $47K assault \u2014 Can BTC price overcome make-or-break resistance? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) looked set to challenge critical $47,000 resistance on Tuesday amid a perfect storm of dwindling supply and \u201cexhausted\u201d bears.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/a68c050b-befd-45ee-92d3-dab98ece6df3.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=\"Hodlers_vs_whales_in_the_battle_for_50000_retest\"><\/span>Hodlers vs. whales in the battle for $50,000 retest<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\/BTCUSD\/\">TradingView<\/a>\u00a0followed BTC\/USD as it hit local highs above $46,600 on Bitstamp.<\/p>\n<p>The pair has gained $2,000 since Monday\u2019s lows of $43,700, with analysts hoping that $44,000 would now stick as support.<\/p>\n<p>For Cointelegraph contributor Micha\u00ebl van de Poppe, $47,000 now formed the level to flip in order to spark a bullish run to the upside.<\/p>\n<p>\u201cOn the upside, first, Bitcoin\u2019s price has to break through $47,000, as that\u2019s the current resistance. If that fails, upward continuation to $50,000 is possible as the final hurdle before a potential all-time high test,\u201d he wrote in an\u00a0analysis for Cointelegraph on the day.<\/p>\n<p>Previously, whale selling behavior had <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1437414324859981826\">suggested<\/a> that $47,000 would be difficult to beat.<\/p>\n<p>Meanwhile, fellow trader and analyst Rekt Capital eyed a return of important moving averages as an additional bullish consideration.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Not only is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> holding this major demand area as support (orange)&#8230;<\/p>\n<p>Not only is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> forming a Weekly Higher Low&#8230;<\/p>\n<p>But Bitcoin is forming this Higher Low at the 21-week EMA (green)<\/p>\n<p>The 21-WEMA is a valuable time-tested bull market indicator<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/vINfnZOJYa\">pic.twitter.com\/vINfnZOJYa<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1437764395749330947?ref_src=twsrc%5Etfw\">September 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Strong_hand_supply_hits_pre-bull_run_highs\"><\/span>Strong hand supply hits pre-bull run highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At $46,000, more of the Bitcoin supply is owned by strong hands than practically ever before, on-chain data confirms.<\/p>\n<p><strong><em>Related:\u00a0BTC price nears $46K with Bitcoin exchange reserves lower than November 2020<\/em><\/strong><\/p>\n<p>In its latest weekly\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-on-chain-week-37-2021\/\">report<\/a>, \u201cThe Week On-chain,\u201d analytics firm Glassnode revealed that long-term holders (LTHs) own nearly 13 million BTC \u2014 80% of the supply.<\/p>\n<p>The extent of strong hand belief in Bitcoin this year contrasts strongly with previous eras, and the trend shows no sign of stopping.<\/p>\n<p>Whereas short-term holders (STHs) have regularly formed a major market presence before, even the most recent run to $50,000 failed to shake LTH resolve.<\/p>\n<p>\u201cLTH owned supply has reached 79.5% of all BTC coins this week, which is equivalent to the level reached in October, prior to the bull market kicking off. In fact, on an absolute coin volume basis, LTHs currently own the most coins in history, hitting 12.97M BTC this week,\u201d Glassnode noted.\u00a0 <\/p>\n<blockquote><p>\u201cPeaks in LTH owned supply typically correlate with late stage bear markets which are historically followed by a supply squeeze and initiation of cyclical bull runs.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/09910d08-8a60-420e-85cd-1bda28eacb32.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin LTH\/STH supply chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported, an imminent supply squeeze is a focal topic among analysts this week.<\/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\/bitcoin-gears-up-for-47k-assault-can-btc-price-overcome-make-or-break-resistance\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin gears up for $47K assault \u2014 Can BTC price overcome make-or-break resistance? &#8221; Bitcoin (BTC) looked set to challenge critical $47,000 resistance on Tuesday amid a perfect storm of dwindling supply and \u201cexhausted\u201d bears. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Hodlers vs. whales in the battle for $50,000 retest Data from Cointelegraph&#8230;<\/p>\n","protected":false},"author":1,"featured_media":339152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvMDViNzliYTktZjE1Mi00ODJmLTg5YTYtNzhiYmQ3NjQwOTY3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-339151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/339151","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=339151"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/339151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/339152"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=339151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=339151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=339151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}