After a mixed week for the majors in the week ending August 29th, Bitcoin and the broader crypto market have had a gloomy morning.
The market capitalization of all cryptocurrencies fell 0.15 percent to $2.07 trillion. Apart from Bitcoin, all other cryptocurrency prices are still in the red, indicating a global sell-off.
Bitcoin experienced a strong recovery from its previous low of $28,800 in June, surging nearly 75 percent to a high of $50,505.
The support levels of $47,200 and $47,000 have been held by BTC price. It could begin a greater rise if it breaks through the $49,000 barrier level. It is currently stabilizing near $48,000, with a near-term resistance level of $48,500.
On the plus side, an early resistance level is near $48,500. Near $49,000, the first substantial resistance is found, followed by $49,200. The price must settle above the $50,000 barrier level to begin a new rally.
It has a score of 58.40 on the relative strength index comfortably below the overbought zone and allowing a cushion for buyers to push the price beyond $50,000.
Bitcoin has entered the volatility squeeze zone, according to John Wick’s HTF indicator. The market has seen a change in trend the last four times this has happened.
Popular Analyst Michael Van De Poppe tweeted Bitcoin doesn’t like September at all. The picture is uninspiring for investors. Summer may be over, but historically, The month of september has never seen Bitcoin increase by more than 6%.