The short-term price action of Bitcoin is what every trader is looking towards- for this will allow them to get more bullish. Currently, the cryptocurrency sector has borne witness to double-digit rallies coming through from quite a few altcoins. The momentum to keep that on track will heavily rely on the price action of BTC.
According to data received from TradingView as well as Cointelegraph Markets Pro, it can be understood that after the price level of the cryptocurrency touched a limit of $48,000 on Monday, the price started dipping below $45,800 with bulls scrambling to put a halt to this slide in price.
Bitcoin needed to retest support after a 50% rally
The surge of Bitcoin from a sum of $29,500 on the 20th of July to a price of $48,000 on Saturday did result in the price of the crypto settling in a trading range between the sum of $44,000 and $48,000- which was upheld by Nunya Bizniz, a pseudonymous analyst from Twitter.
The point of equilibrium at this current rate was identified at a sum of $46,123, with the analyst hinting that the cryptocurrency could test the support. The purchase of volumes could also increase- possibly because traders of a short-term would definitely view the current pullback as nothing more than a retest of the resistance.
Yet Gas Fring, another trader, suggested that a bounce could be distinguishable at the bottom which could provoke the same result. It was still worth realizing that both of the pseudonymous analysts were using a chart for a single hour which makes these the possible predictions for a single day.
Glassnode’s recent report also highlights the miner accumulation as a major indicator for Bitcoin. The provider of on-chain analytics witnessed a net reduction in the sell-side pressure which was sourced from various miners.