Bitcoin (BTC) held a higher low overnight, fueling hopes for a sustained recovery.
Analyst: It is time for an “inevitable” shock for the Bitcoin offer
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD climbed to $ 46,000 today.
The pair was headed lower before a sudden bout of volatility hit the low of $ 43,380 on Bitstamp. At the time of writing, this level remained untested, with Bitcoin gaining around 5.5%.
“This could be an HL macro for $ BTC. Previously it served as a support,” summarized popular trader Pentoshi referring to the area immediately below around $ 45,300.
“We eliminated HL from the Macro downtrend, so we have been rising without noticeable declines for weeks. As long as we are above $ 41,000, we are bullish. BTC tends to suck and then it surprises everyone. “
Pentoshi was cautious on Monday, in line with analysts’ expectations for a higher daily low needed to preserve the overall strength of the market.
Not only #BTC still finds support here …
But it also formed an early stage of Higher Low $ BTC #Crypto #Bitcoin
The recent weekly close of #BTC is not technically bad, as it occurred above the orange demand area
However, $ BTC is now falling towards the demand area
That said, this area of question is not yet lost
As long as the demand area holds, BTC will not hit $ 40,000
Not only is #BTC still finding support here …
– Rekt Capital (@rektcapital) September 14, 2021
Overall, however, there was still ample reason to be bullish over the longer term.
“Bitcoin reserves on exchanges are reaching very low levels. This is a sign that we have more and more holders “, he has underlined Michaël van de Poppe, Cointelegraph collaborator.
“The inevitable is about to happen -> strong supply shock during which we will have a great race to higher figures.”
Data from on-chain analyst CryptoQuant confirms that reserves on exchanges hit new multi-year lows this week, even lower than the November 2020 levels, the start of the bull run.
Altcoin rises in line with Bitcoin’s strengthening
Today, altcoins also paint a more positive picture, with all of the top ten cryptocurrencies posting gains of at least 3%.
Related: ‘Bearish Pennant’ Breakdown Confirmed? Five aspects of Bitcoin to keep an eye on
On the podium we obviously find Solana (SOL) and Polkadot (DOT), both with yields close to 10%.
Ether (ETH) is also recovering, surpassing $ 3,300. Despite everything, compared to last week, it recorded a -14%.