Bitcoin steals $47K from bears as critical BTC price resistance crumbles

Bitcoin (BTC), which tentatively reclaimed $47,000 Wednesday, is a move analysts believe will open the door to Bitcoins $50,000 goal.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bitcoin bulls escape a second retest of the lows

Data from TradingView and Cointelegraph Markets Pro showed Wednesdays BTC/USD close to $47,000. This is crucial for bullish continuation.

The level had been subject to fierce defense from whales the previous day, but the bulls won the day and lifted Bitcoin out of a multiday downward channel.

A dip towards $46,000 was not possible, reinforcing the more optimistic case of short-term BTC price action.

Theres the 4HR candle close for #BTC If a dip occurs to ~$46100 from this point, it will likely be a retest opportunity to confirm a breakout from $BTCs current market structure#Crypto #Bitcoin
— Rekt Capital (@rektcapital) September 14, 2021

In the midst of record low exchange rates and an implied supply squeeze, relative strength is a result of a BTC/USD golden cross.

Chart of Bitcoin exchange balance. Source: CryptoQuant

This was made even more evident by the daily chart. Pentoshi, a popular trader, noted that it produced a bullish engulfing candle, which wiped out six days worth of sideways action.

Analyst William Clemente said, “Back above 200DMA, now facing resistance at Monday’s high/September’s Monthly open ($47K–$47,150),”

“If these levels are broken, we could see a very quick move up to August’s high of $50.5K.”

Support echoes Minimum Monthly Close Predictions

An examination of the buy and sale levels on major exchange Binance revealed that resistance is now higher at just over $49,000 with clear support at several thousand dollars below spot.

The support is in line with the existing predictions for Septembers minimum monthly close of $43,000. October requires a minimum close of $63,000 per month, which is close to the new record for Bitcoin.

Related: Bitcoin technicals – Incoming golden crosses could present potential bottom for BTC prices

BTC/USD buy/sell levels (Binance) as at Sept. 15. Source: Material Indicators