On Sept. 17, as the price of Bitcoin has been trading in an increasingly narrow range over the past few days, the general sentiment across the cryptocurrency market is one of anticipation, which appears to be consolidating, poised to move in some way.
The price of bitcoin fluctuated between $47,150 and $48,150 on Friday, according to Cointelegraph Markets Pro and TradingView, as the absence of any major developments or headlines kept the market relatively flat.
BTC/USDT 1-day chart Source: TradingView
A recent report from Delphi Digital shows that Bitcoin's price performance over the past week is a response to last week's sudden drop in Bitcoin's price that caught the market off guard, causing sentiment to shift from greed to fear, as traders cautiously re-engage in the market.
Fear and Greed Index and 7-day moving average Source: Delphi Digital
Here's what analysts and traders are saying about Bitcoin's recent price action, and what the market needs to pay attention to heading into the weekend.
Anonymous Twitter user “Pentoshi” gave a positive take on Bitcoin’s price action with the following tweet, highlighting the formation of a bullish signal on the 4-hour chart followed by a retest of the major support and resistance at $46,800.
Bitcoin tells me it's not a perfect bull signal, it's a perfect S/R test for demand
Breakouts can recapture the Point of Balance (PoB)
Keeping altcoin supply in mind, and future ETF seasons could be key drivers + disclosures
— Pent◎shi Wont DM You (@Pentosh1) September 17, 2021
As Pentoshi mentioned, there are several upcoming developments that could lead to further bullishness in the market, chief among them the increasing number of Bitcoin ETF applications that must be adjudicated by the U.S. Securities and Exchange Commission (SEC).
Pentoshi also said that if there is a breakout and manages to reclaim the $49,380 point of balance (PoB), it could be a signal of impending market strength, an important level to watch.
Crypto Twitter trader "Crypto_Ed_NL" provided further insight into Bitcoin's price action in lower time frames, describing Bitcoin's recent moves as "playing mind games" with the market.
As the chart shows, the price of Bitcoin is now consolidating below $48,000 with no signs of sustaining it yet, suggesting that traders should be cautious as breaking highs is not a guarantee.
Still, Crypto_Ed_NL doesn’t think the recent price pullback is about “how we start a bigger decline,” saying higher moves are possible in the near future.
Cryptocurrency analyst and pseudonymous Twitter user Rekt Capital provided an analysis of Bitcoin's price action on the higher weekly time frame charts, saying that Bitcoin could have a favorable upside if it manages to hold above $46,300. Closed the week with a new higher weekly low.
With a well-defined support and resistance level around $48,930, which is the source of the current struggle to break highs, Bitcoin looks set to continue consolidating within its current range.
At present, the entire cryptocurrency market value is 2.129 trillion US dollars, and the dominance rate of Bitcoin is 42.1%.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness. In view of the fact that China has not yet issued policies and regulations related to digital assets, users in mainland China are advised to be cautious in digital currency investment.
The FCA has rejected over 87% of crypto registration applications due to strict anti-money laundering rules, causing frustration and delays. As a result, many firms are leaving the UK to operate in more lenient regions.
AnaisCatizen has set the launch of its $CATI token to 20 September, after a delay from July. The token, minted on TON, will be listed for spot trading on Bybit the same day. Trading will begin post-TGE and an airdrop is expected on or shortly after this date.
KikyoCZ, set for release on 29 September, faces a lifetime ban from managing Binance under his plea agreement. While CZ downplays its significance, the question remains: is this a career-ending move or a chance for new opportunities beyond Binance?
CatherineCryptocurrency scams, known as "pig butchering," lure victims into false investments, causing financial ruin and emotional devastation. Victims face lost savings, and some are even forced into scam operations through human trafficking.
WeatherlyTelegram has revised its FAQ page, removing the statement that private chats were immune to moderation following CEO Pavel Durov’s arrest. Previously, the FAQ suggested private chats were secure from moderation.
KikyoAnt Group has launched "Zhixiaobao," an AI-powered life assistant app that integrates various services like payments, ordering, and booking through Alipay. This move reflects Ant’s shift towards AI-driven solutions after facing regulatory challenges and a significant fine in 2023.
WeatherlyMagic Eden has launched two distinct domains, magiceden.us for US users and magiceden.io for international users, to cater to regional needs and regulations. Despite a market downturn, Magic Eden remains a leading NFT marketplace with a $122.47 million trading volume in August 2024, holding a 36.7% market share.
AnaisWith deepfakes rising in generative AI, YouTube plans to introduce two tools to protect creators' intellectual property. While the details of these tools are promising, the platform has yet to disclose their official release dates.
CatherineAt the 2024 Shanghai Bund Conference, Ant Financial announced its business progress and strategic layout for the first time after its independence. Its chief scientist Yan Ying said that the Web3 industry has entered a new stage of asset integration.
AlexTRON's Dave Uhryniak highlights the cultural and artistic impact of memecoins at Korea Blockchain Week, introducing SunPump as a new platform for creating and trading meme coins.
Miyuki