• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

BTC Holds 200-Day MA, is the Selling Complete?

September 10, 2021
in Crypto News
Reading Time: 4 mins read
A A
0
BTC Holds 200-Day MA, is the Selling Complete?
0
SHARES
13
VIEWS
ShareShareShareShareShare

After the nearly 20% plunge in BTC price, the cryptocurrency spent the next day consolidating and retesting the critical 200-day moving average at $46k.

BTC managed to hold the level for the daily close, a positive signal. Near term, it is important to continue holding $46k, complete long liquidations, and start a recovery to reclaim $47.2, the bottom of the green zone.

Strong Hands Holding Older Coins Did Not Sell

Although BTC fell slightly the day after the major drop, on-chain data continues to firmly show long-term holders, and entities holding older coins continue to accumulate, showing no signs of whale exit liquidity.

Chart by CryptoQuant

Yet again, the 3 to 6-month-old cohorts panic sold the dip. Keep in mind, this group accumulated BTC between $50k to $64.8k. It’s highly sensitive to shakeouts as they experienced 2 massive drawdowns in the past few months.

Chart by CryptoQuant

Yesterday miners sold a small portion of their holdings, and today miner outflows remained flat as it has for the entire year. In short, miners are back in accumulation and show no interest in selling BTC at current levels.

Leveraged Flushed Out – Long Liquidations Cooling Off

Over the past 2 days, futures open interest continued to consolidate with a slight drop below $9 billion. Long liquidations have been cooling off, which weakens near-term selling pressure. With price consolidating with a wedge forming, volume falling, and Bollinger bands squeezing on the hourly chart, this suggests a potential move is coming.

Chart by TradingView
Chart by TradingView

Near term, it is important to see long liquidations cool off as that will help prepare BTC to make a move higher. Technicals on the hourly and 4-hour chart have flattened, indicating a near-term base of support has been built, and the price is preparing for a move.

It would be good to see BTC reclaim $47.2k, a heavy zone of support/resistance, according to the UTXO Realized Price Distribution metric. Reclaiming this key level will be a bullish near-term signal for BTC.

So far, it’s good to see BTC holding the 50-day MA at $44.7k, as this level acts as solid support during powerful uptrends.

Third Largest BTC Whale Buys 1,955 BTC in 2 Days

The third-largest BTC whale accumulated this dip, adding 1,955 BTC in the last 2 days, around $46.1k to $46.8k. This is the largest purchase since June 2021. If this buying turns into a trend, it can be seen as a very bullish signal. Keep in mind, the whale entity still has hundreds of millions of capital ready to deploy after selling 9,000 BTC in the past month, potentially to break even and rebalance.

Chart by Bitinfocharts

With on-chain metrics firmly trending higher near term technicals improving, we can expect the start of a recovery after the massive liquidation event. If Bitcoin manages to push back above $47.2k, this will likely build further bullish momentum in attempting to reclaim $50k.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Credit: Source link

ShareTweetSendPinShare
Previous Post

HitBTC launches native HitBTC wallet app to ease access to crypto

Next Post

Panther Protocol Teams Up with decentralized Virtual Private Network or VPN ecosystem Sentinel

Related Posts

Ripple Co-Founder Donates $5M to Environmental Campaign Against Bitcoin Mining
Crypto News

Growing Complexity in Bitcoin Mining Landscape Amidst Centralization Risks: Coin Metrics

September 28, 2023
4
Veteran iGaming Team Launch Crypto Casino Portal
Crypto News

Veteran iGaming Team Launch Crypto Casino Portal

September 28, 2023
6
Bitcoin holds steady as DXY advance hurts stocks
Crypto News

Bitcoin holds steady as DXY advance hurts stocks

September 28, 2023
5
Cloud Mining Made Easy with TopHash Hashpower Marketplace
Crypto News

Cloud Mining Made Easy with TopHash Hashpower Marketplace

September 28, 2023
5
Could Pepe Coin See Another Bull Run? These Traders Are Backing Meme Kombat Instead After Presale Raises $100k
Crypto News

Could Pepe Coin See Another Bull Run? These Traders Are Backing Meme Kombat Instead After Presale Raises $100k

September 28, 2023
7
Next Post
Panther Protocol Teams Up with decentralized Virtual Private Network or VPN ecosystem Sentinel

Panther Protocol Teams Up with decentralized Virtual Private Network or VPN ecosystem Sentinel

Recommended

4 Reasons Electric Cars And Their Batteries Aren’t Environmentally….

Costs to Consider When Switching Your Business Car to EV

September 23, 2023
10
ViaBTC’s Hash Power Sparks 51% Attack Concerns

ViaBTC’s Hash Power Sparks 51% Attack Concerns

September 23, 2023
5
SEC appeal would not be a setback for Ripple

SEC charges LA company with offering of NFT securities

August 29, 2023
8
Bitcoin spot ETF? Expert says SEC has “very little wiggle room”

Bitcoin spot ETF? Expert says SEC has “very little wiggle room”

August 31, 2023
5
Crypto Weekly Roundup: Grab Integrates Web3, Wallet, And More

Crypto Weekly Roundup: Grab Integrates Web3, Wallet, And More

September 10, 2023
7
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Biden administration rumored to be working on executive order requiring disclosure of outsized power consumption
  • Growing Complexity in Bitcoin Mining Landscape Amidst Centralization Risks: Coin Metrics
  • NiceHash becomes latest crypto firm to leave U.K.

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?