Bitcoin Reclaim The $47,000 Level

On September 15, 2021, Bitcoin (BTC) managed to reclaim the $47,000 level in a move where analysts and experts believe will open up the way to $50,000. Currently, the sellers seem to be lying in wait above $49,000 as the bulls strive to avoid another drop towards the major support at $43,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

For now, the bulls seem to have escaped another retest of lows with data from TradingView showing BTC/USD holding the $47,000 mark. This is an important zone to flip for the bullish momentum to continue.

Previously, the level had witnessed major defense by whales the day before. However, the bulls eventually won the upper hand, lifting BTC out of a multi-day descending channel. A drop towards $46,000 failed to happen, which reinforced the more optimistic case for the near-term bitcoin price action.

The relative strength comes after a golden cross event on the bitcoin charts, amid some record low exchange balances and an implied supply squeeze.

Bitcoin exchange balance chart. Source: CryptoQuant

That had become quite clear from the daily charts, which one popular trader Pentoshi noted had produced a “bullish engulfing” candle that erased six days of sideways action. Market analyst William Clemente added:

“Back above the 200DMA, now facing a bit of resistance at Monday’s high/September’s Monthly open ($47K-$47,150). If those levels are indeed broken, could see a pretty swift move up to August’s high at $50.5K.”

A keen look at the sell and buy levels on the Binance exchange indicated that resistance now exists higher up at around $49,000, with strong support also several thousand dollars below the current spot price.

Support has lined up with the existing predictions for the minimum monthly close in September, today being $43,000. On the contrary, October demands a minimum $63,000 monthly close, near the all-time high price for bitcoin.