Key Price Levels For Bitcoin

$46,500 is the key price level for Bitcoin to signal bullish momentum. Bitcoin fundamentals are still strong, but analysts have pinpointed $46,500 as a key level to hold in order to ensure the current trend. Altcoin price rallies are strong and lasting with the passage of each day. However, they can depend on Bitcoin's short-term price changes.

Bitcoin hit $48,000 in the early morning hours of August 16, before a sudden drop to below $45,800. As the price continued to rapidly slide, bulls attempted to stop it.

Several analysts have speculated what could happen with the price of Bitcoin.

New confidence needed in Bitcoin prices after a 50% increase in value The surge in Bitcoin price, which rocketed from $29,500 on July 20 to $48,000 on Aug. 14 has resulted in the currency trading at a range of $44,000 and $48,000 since then.

Analysts have found the equilibrium point at $46,123. Based on the test of support, buy volumes might increase Because short-term traders would view the current pullback as just a temporary retest of support.

The number of miners is increasing again. A recent report from Glassnode highlights miner accumulation as a signal to indicate Bitcoin will rise. The on-chain analytical service observed a decrease in pressure from sell-side miners.

In May, China began to crackdown on mining operations. This led to Bitcoin’s hash rate dropping significantly. This has led miners to close up shop and move to more crypto-friendly countries.

If the price of Bitcoin is over $46,500 at the end of a day, it's doing well. According to a crypto Twitter analyst, $46,500 is an important level for BTC in the short term.

The price of Bitcoin has caused a formation of an ascending triangle on the daily chart. Given the price needs to close above $46,500 in order for the recent uptrend to be confirmed by a successful test of resistance.

A close above $46,500 would suggest the continuation of the uptrend. However, if the ascending triangle breaks down, we could see Bitcoin's price drop near $40,000.