The price of Bitcoin managed to seal on to another resistance level of $40,000 on the 26th of September, as the battle for the weekly close drew in. New data released from TradingView and Cointelegraph Markets Pro have highlighted the BTC/USD exchange dipping below a sum of $40,800 overnight, which essentially followed an unsuccessful attempt by crypto sellers to flip $40,000 back to its resistance level.
A few adamant conditions have kept the price of BTC in a much narrow range, with the attention on the weekend set on where the longer-term bottom could be. Most analysts have remained bullish on its prospects.
Bitcoin “Unlikely” To Linger Below $40,000
Pentoshi, one of the most popular crypto traders out there, has seen $37,000 as a potential floor, considering the broad state of Bitcoin. This was highlighted in a bunch of tweets, where the trader spoke about how healthy the HTF looked, and how close it was too likely forming a base over the previous HH on the way to ATH’s.
It could definitely lead to an HL at the Summer PoB. He further stated that although there was a chance for the cryptocurrency to go as low as 37k, it definitely wouldn’t be staying there for long.
Pentoshi further noted significant bids that were in place in the area that stayed between the prices of $36,000 and $40,000. This was further commented upon by Cointelegraph, who found this pretty rare.
He stated that although the bids on Bitcoin have been stacked on exchanges, the sheer size of the bids is something that Pentoshi had never seen before. The bottom was closer than one would think- while the top was a number that couldn’t be comprehended just yet.
Elsewhere, Huobi saw around 10,000 Bitcoin inflows, as it is gearing up to halt its operations in China, which are quite small when compared to the operations conducted even last month.