Bitcoin Price Analysis
Bitcoin was over $48,000 an hour ago and has now dropped to mid $47k’s; hopefully we see Bitcoin begin to take the road to $50k and above very soon:
Bitcoin Price Analysis: BTC Reclaims Critical Level Following a Strong Weekly Close, Here Are Next Targets
September was a volatile month full of liquidation events, FUD, global risk-off, uncertainty over monetary policy, and a rising dollar. Yet, Bitcoin managed to hold the larger technical structure at $40k while maintaining the bullish trend in on-chain metrics.
BTC has shown tremendous strength in the past week by closing back above the rising trend line at $44k, reclaiming $45.2k, the critical 200-day moving average, and printing a bullish engulfing candle. Bitcoin also managed to push back into the green zone between $47.2k to $50.5k, an area which was previous support.
Near-term, it is important for BTC to establish support at $47.2k to $47k, as this level has a large amount of supply according to the UTXO Realized Price Distribution metric. When the price is above this level, it acts as support. So far, BTC has retested $47.2k a few times and managed to hold support.