Traders say that Bitcoin’s uptrend will not be confirmed until it closes above $ 4

The aftermath of China’s ongoing crackdown on the crypto sector has created uncertainty when it comes to returning to the market. At the time of writing, Bitcoin (BTC) traders are still seeing a pushback at $ 43,000 and many altcoins that have amassed profits in the morning session are also in the red.

Data from Cointelegraph Markets Pro and TradingView show that the early morning bulls attempt to push BTC price above $ 44,000 has encountered solid resistance, but now the pullback appears to be nothing more than consolidation.

Here’s what crypto analysts and traders are saying about the recent Bitcoin price movement and what to look out for when the market closes in September.

Bitcoin must find support again at $ 43,600

A bearish warning has appeared on the weekly Bitcoin chart, according to crypto analyst and Twitter user Rekt Capital, who posted the following tweet showing that BTC price is closing below a key area of ​​demand.

https://twitter.com/rektcapital/status/1442396493915303937?ref_src=twsrc%5Etfw” target=”_blank” rel=”noopener sponsored” data-schema-attribute=”

As suggested in the tweet, the USD 43,000 support could turn into new resistance if Bitcoin doesn’t move up as the bulls try to fend off a rally.

According to the trader, the bitcoin bulls need to regain support at $ 43,600 for the uptrend to continue or the bearish tale may hold.

Price reversal confirmed

A more optimistic bias on current Bitcoin pricing has been discussed by options trader and Twitter user John Wick, who sent The following graphic outlines the current 4-hour setup for BTC.

According to Wick, recent action has confirmed the bottom in BTC price as well as a price reversal, suggesting that this may be an opportune time to take a long position.

Buck said

“I have half of my long swing in this setup. I’ll add the other half if / when we break the resistance (yellow line). “

Related: Bitcoin breaking new Q4 highs will “temporarily go up in smoke” – analyst

Data in the chain indicates a large accumulation

While BTC’s recent price action has been volatile and has created widespread fear and confusion, data on the chain shows that seasoned traders are optimistic over the long term as they keep piling up

https://twitter.com/BTC_Archive/status/1442482709578792963?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

As can be seen from the Bitcoin archive tweet above, the supply of Bitcoin held on exchanges has largely declined over the past two years as holders continue to buy in the market and withdraw into a controlled wallet.

This shows that the market is still in an accumulation phase and as the Bitcoin Archives have determined, the trend shows no signs of slowing down in the near future and could put positive pressure on the BTC price as supply circulates.

The total crypto market cap is $ 1.919 trillion and the dominance of Bitcoin is 42.4%.