Bitcoin saw a massive drop on September 7th after reaching highs near $52,000 as a flash crash erased all of the gains made since August 18th. After finding support near $42,600, the price is currently trading around the $46,000 level.
After posting 5 consecutive weeks of gains, it seems as if the price of bitcoin is cooling off and is set to post the first red weekly candle since mid-July 2021. The total cryptocurrency market capitalization is pretty much unchanged since last week (but remains above $2 trillion) and the volatility of most coins is starting to decline, suggesting traders should start paying attention before the next big move occurs.
The fundamentals for Bitcoin are continuing to improve as the leading cryptocurrency looks set to post a 5-week winning streak, the longest series of green candles on the weekly timeframe since October 2020. A rise to $50,000 and beyond is on the cards for bitcoin if this week’s high at $48,000 is overcome. Elsewhere in the cryptocurrency market, several large-caps reached all-time highs and Ethereum regained the important $3,000 handle.
Bitcoin has continued to move higher this week, reaching a peak near $46,800 so far and is currently up by +5.7% on the weekly open. With the leading cryptocurrency set to print the longest series of green candles on the weekly timeframe since January 2021, the technicals suggest that the price of bitcoin is on […]