Bitcoin price cracks $21K as trader says BTC buy now ‘very compelling’

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Bitcoin (BTC) circled $21,000 on the Sep. 9 Wall Road open as newly-won positive aspects endured. In the meantime, the full cryptocurrency market capitalization has crossed again above the $1 billion mark. 

BTC/USD 1-day candle chart (Bitstamp). Supply: TradingView

BTC worth provides “affirmation” of pattern change

Information from Cointelegraph Markets Pro and TradingView adopted BTC/USD as its “brief squeeze” punished late bears.

After a quick consolidation, the pair set new multi-week highs of $21,254 on Bitstamp, and now confronted resistance within the type of an previous help stage deserted in late August.

For market commentators, nonetheless, the most recent transfer had already proved decisive — and will favor bulls past brief timeframes.

“This impulse up is THE affirmation,” standard Twitter dealer and angel investor Revolt argued in a thread, reiterating suspicion {that a} market reversal was lengthy overdue.

“Many metrics have been screaming backside is in for weeks now. Since mid-June, I have been saying the underside is most definitely in and I am going from 80% to 95% likelihood on that.”

Revolt highlighted numerous on-chain and worth chart-based bull indicators, amongst them the top of capitulation for Bitcoin miners witnessed final month.

Whereas acknowledging that he might “undoubtedly be incorrect” on the result, he nonetheless put religion in a longer-term pattern change now coming into.

“On this case a HTF backside that presents a (very) compelling threat/reward,” the thread concluded.

“I stored holding on to my longs from 20K, it damage a little bit when underwater however now getting extra cozy these will generate a critical return the approaching months.”

Dealer and analyst Rekt Capital, in the meantime, known as for warning when assuming that Bitcoin had definitively modified tact.

Pointing to the weekly chart, he argued that merchants ought to keep away from the urge to match the present reversal to an identical occasion in 2018, as at this level, no macro backside was assured.

Analyst: Time to be risk-on “for some time at the very least”

Within the face of a consolidating U.S. greenback, in the meantime, Wall Road opened with recent positive aspects in an extra enhance for threat property.

Associated: Bitcoin squeezes past $20K on US dollar dip as BTC price gains 8.7%

The S&P 500 and Nasdaq Composite Index added 0.9% and 1.3%, respectively, inside the first hour’s buying and selling.

U.S. greenback index (DXY) 1-hour candle chart. Supply: TradingView

On the identical time, the U.S. greenback index (DXY) loved a modest bounce from native lows, focusing on 109 on the time of writing.

For Bitcoin analysts, nonetheless, there was purpose to imagine that the dollar’s halcyon days would quickly be over.

“Appears to be like like a USD weekly cycle high (lastly) and cycle lows for shares, gold, bitcoin. Threat on for a short time, at the very least,” dealer, entrepreneur and investor Bob Loukas added.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you need to conduct your personal analysis when making a choice.