Key factors

• Over 3,200 Bitcoin long positions were filled in the past week.
• During the same period, whales bought an additional 60,000 bitcoins to add to their holdings.
• A daily close above $ 49,650 could usher in the next leg of the rally for the benchmark cryptocurrency.

Investors appear to be getting back into the market as bitcoin long positions increase as whales pile up more BTC in their holdings. While the recent surge in buying pressure is encouraging, BTC still has one important hurdle to overcome.

Orders to buy Bitcoin are stacked

Whales have turned their attention back to Bitcoin.

The lightning slump on September 7th shocked market participants. Now some prominent analysts suspect that the $ 53,000 rejection of Bitcoin could lead to a gloomy outlook.

For example, analyst Dave The Wave believes the benchmark cryptocurrency will plunge to $ 30,000. He claimed that recent downside pressure could accelerate into a more pronounced downtrend as the MACD created a bearish cross on BTC’s monthly chart.

It’s the monthly MACD, still high [and just crossed bearishly]which gives weight to further price consolidation. pic.twitter.com/wzScqbMRWM

– davthewave (@davthewave) September 13, 2021

Although the worst-case scenario is bearish, the fundamentals show that many investors have used the decline to buy Bitcoin at a discount.

The number of Bitcoin long positions on the Bitfinex exchange has reached its highest level since July 22nd. More than 3,200 long positions have been created in the last week alone, suggesting that many investors have bought the dip.

Source: TradingView

Similarly, the behavior analysis platform Santiment shows that whales are also clustering.

Addresses with 10,000 to 100,000 BTC bought over 60,000 BTC worth about $ 2.82 billion in the same period. That substantial amount has also been withdrawn from the exchanges, easing the selling pressure behind Bitcoin.

Source: Santiment

As buy orders pile up, IntoTheBlock’s In / Out of the Money Around Price (IOMAP) pattern shows a major hurdle above current price. About two million addresses previously bought nearly 900,000 BTC from $ 46,900 to $ 49,650.

Only when a daily bar closes above this resistance area is the continuation of the uptrend confirmed.

Source: IntoTheBlock

Bitcoin, on the flip side, must hold above the support range of $ 44,000 to $ 46,800 to avoid further losses. A break below this zone could trigger a rapid decline towards $ 38,000 due to the liquidation of long positions.

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SN_Nour

According to crypto briefing

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