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

Sellers are now lying in wait above $49,000 as bulls avoid another tumble toward support at $43,000.

Bitcoin (BTC) tentatively reclaimed $47,000 on Wednesday in a move that analysts believe should open up the path to $50,000.

Bitcoin bulls escape another retest of lows

The level had seen fierce defense by whales the day before, but bulls ultimately won the upper hand, lifting Bitcoin out of a multi-day descending channel.

Even a dip toward $46,000 failed to materialize, reinforcing the more optimistic case for short-term BTC price action.

The relative strength follows a golden cross event on BTC/USD amid record low exchange balances and an implied supply squeeze.

This was all the more apparent from the daily chart, which, as popular trader Pentoshi noted, produced a “bullish engulfing” candle that wiped out six days of sideways action.

“Back above the 200DMA, now facing a bit of resistance at Monday’s high/September’s Monthly open ($47K-$47,150),” analyst William Clemente added.

“If those levels are indeed broken, could see a pretty swift move up to August’s high at $50.5K.”

Support echoes minimum monthly close predictions

A look at the buy and sell levels on major exchange Binance confirmed that resistance now lay higher up at just above $49,000, with clear support likewise several thousand dollars below spot price.

Support lines up with existing predictions for the minimum monthly close in September, this being $43,000. October, by contrast, demands a minimum $63,000 monthly close, close to a new all-time high for Bitcoin.

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