Bitcoin: Great fight at $ 46,000

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The king is back? Or is it too early to tell? Bitcoin return to altitude $ 46,000 and if he plays it on one fundamental threshold after which, for many, it will be a return to a cycle from bull run.

All this after an extremely hectic day yesterday, also due to the news, later withdrawn, of the collaboration between Walmart And Litecoin, with roller coasters that led to extremely important liquidations both on the side of long than on that of short.

Bitcoin struggles on $ 46,000 - Cryptocurrency analysis
An important psychological threshold – where the short future of the bull run is played

He will make it Bitcoin to stay above $ 46,000? The news coming from its ecosystem is very interesting – and we will analyze them one by one also to understand how it could move in the next few hours.

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Here comes core 22 – the latest major software update that runs Bitcoin

The most important news of the last hours is the arrival of the version 22 of the protocol which allows Bitcoin to function. A major release that arrives 6 months later, in perfect condition timeline, from the previous one. A update to the Core which involved over 100 developers and integrated approx 800 pull request. It is also the first release core which will support Taproot and with other minor improvements to the overall operation of the protocol.

Something that is perhaps not capable of move the market in the short term, but which is nonetheless a sign of consistency for the protocol, which continues to be developed with its own model and to introduce novelties, although for the detractors a slow pace compared to other types of protocols. But that’s not the point for Bitcoin, a protocol that has always preferred the stability at the novelty for its own sake – approach that we share, in particular for cryptocurrency which alone is worth over 850 billion dollars.

Chivo’s problems will soon be a distant memory of the past as well

Chivo it started well, well beyond expectations. But a wallet which has to manage millions of El Salvador residents, who have all or most of them tried to take home i $ 30 in free Bitcoin, some technical problems were more than foreseeable. On the subject comes an update directly from Nayib Bukele, president of El Salvador and first supporter of the Ley Bitcoin.

The technical errors of Chivo Wallet have been corrected for 95%, in the next few days we will reach 100%. The 200 ATMs in El Salvador work perfectly, as do the 50 in the US. In the United States, there are ATMs in all areas that legally allow us to do so [segue lista]. The credit or debit card top-up option will be active from tomorrow. It will be possible to top up the Chivo Wallet with any card, anywhere in the world, without paying commissions. The new minimum is $ 0.01 per transaction and we are working with major commercial entities to offer additional benefits (such as discounts or special products) to those who use Chivo Wallet.

Excellent news after the detractors had taken advantage of the foreseeable technical problems in an epoch-making transition of this type for throw mud on what will be the first step of Bitcoin adoption within real economies and how legal tender currency. All returned, because as we had already anticipated on Cryptocurrency.it, it was not an unrealistic gesture on the part of El Salvador, but a well-planned step with all the necessary technical support, despite theopposition from the International Monetary Fund.

For Bitcoin, the battle is around 46,000

The battle that has already begun in the last few hours is around threshold level of the 46,000%, already passed several times in the morning, but with a very bitter battle between bulls And bears, without either side, at least for the moment, seem ready to overwhelm the other. Bears that were in retreat, after an interesting ride for around 3% of the price, but which now seem to have regained courage to hold one of the most important intermediate resistances.

Should it be overcome with stability, the second of the important resistances is fixed at $ 46,800 beyond which BTC would point directly towards quota $ 48,000, trying to recover the levels of the last week. The question Litecoin paradoxically then yesterday was a good sign for Bitcoin, which despite the enormous chaos that ensued, first maintained and then recovered good price levels. All this in a September market which is slowly starting to return to normality also in terms of volumes.

Bitcoin Settlements - Table
Yesterday a good number of liquidations – albeit far from the hustle and bustle of September 4th

All this while the liquidations in the last 24 hours they have reached important levels, for about 400 million dollars and mainly between the long, as clearly shown in our infographic obtained from the data released by ByBt, a sign of the fact that positions short to flash with the run triggered by Litecoin and from fake news that went around the web there were actually very few.

What to expect from Bitcoin for the next trading days?

The situation seems to be rather uncertain and we believe that the key channel is starting anyway, even for the next few days, come on $ 45,000, a level to be maintained at all costs towards the end of the week to confirm the consistency of his bull run medium term.

It is the opinion of the analysts, however, the inevitability of the same, with BTC which should experience a second spring in between September and October, pointing straight at the target price that we have indicated in ours Bitcoin forecasts. Although the short-term picture may seem uncertain, the sun should return to BTC and the entire crypto sector.

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