Traders say Bitcoin’s bullish bias will only be confirmed by a close above $44K

Uncertainty has returned to the market after China’s continued crackdown on crypto-sector traders. Bitcoin (BTC), traders are still facing pushback at $43,000. Many altcoins, which had gained in the morning session, are also in the red.

Cointelegraph Markets Pro and TradingView data show that bulls attempted to push BTC to $44,000 in the early hours of the morning, but were met with firm resistance. However, the current back and forth seems to be nothing more then consolidation.

Chart for BTC/USDT 4 hours TradingView

Here are some thoughts from crypto traders and analysts about recent price movements for Bitcoin. Also, what should you be watching for as the September market closes.

Bitcoin must reclaim support at $43,600

According to Rekt Capital (crypto analyst, pseudonymous Twitter user), a bearish warning appeared on the weekly Bitcoin charts. The tweet shows that BTC’s price closed below a significant demand area.

#BTC performs a Weekly Close below the major orange demand area As is always the case after a Weekly Close below a support, there is a risk that this area flips into resistance on a relief rally$BTC needs to reclaim ~$43600 as support for bullish bias#Crypto #Bitcoin pic.twitter.com/45Z39YZs0t
— Rekt Capital (@rektcapital) September 27, 2021

The tweet suggests that if Bitcoin does not climb higher, then the $43,000 level of support could become the new resistance level, as bulls try to resist a relief rally.

The trader stated that Bitcoin bulls must regain support at $43,600 in order for the bullish uptrend of Bitcoin to continue. Otherwise, the bearish narrative might take root.

Confirmed price reversal

Options trader John Wick posted this chart showing the current 4-hour price setup for Bitcoin.

BTC/USD 4-hour chart. Source: Twitter

Wick claims that the latest action has confirmed the bottom of the BTC price and a price reversal. This signals that it may be a good time to open long positions.

Wick stated,

“I have half of my long swing position in this setup. When/if we break resistance (Yellow Line), I will add the remaining half.

Related: Bitcoin will temporarily turn alts to dust by breaking new heights in Q4

Heavy accumulation is evident from data on-chain

Despite the volatility in Bitcoin’s recent price action, which has caused widespread confusion and fear, the on-chain data shows that long-term bullish veteran traders are still accumulating as much Bitcoin as the market will allow.

The dominant trend has been the falling #Bitcoin supply on the exchanges for nearly 2 years, briefly interrupted by the May correction. We are still in an accumulation phase. This trend is not likely to change anytime soon. pic.twitter.com/F4tdZAoh3I
— Bitcoin Archive (@BTC_Archive September 27, 2021

The Bitcoin Archive tweet shows that the supply of Bitcoin on exchanges has declined for the majority the past two years. This is because holders continue to buy Bitcoin on the market and then withdraw it to their private wallets.

According to the Bitcoin Archive, this indicates that the market is still in an accumulation phase. This trend is not expected to slow down in the near future, and could cause positive pressure on BTC’s price as the circulating supply decreases.

The total cryptocurrency market is now worth $1.919 trillion. Bitcoin’s dominance rate at 42.4%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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