During the night of September 14 Bitcoin (BTC) maintained a higher low, fueling hopes for a sustained recovery.
Analyst: It is time for an “inevitable” shock for the Bitcoin offer
The pair was headed lower before a sudden volatility attack hit the low of $ 43,380 on Bitstamp. At the time of writing, this level remained untested, with Bitcoin gaining around 5.5%.
“This could be an HL macro for $ BTC. Previously it served as a support,” summarized popular trader Pentoshi referring to the area immediately below around $ 45,300.
“We eliminated HL from the Macro downtrend, so we have been rising without noticeable declines for weeks. As long as we are above $ 41,000, we are bullish. BTC tends to suck and then it surprises everyone. “
On Monday, Pentoshi was cautious, in line with the expectations of analysts who demanded a higher daily minimum needed to preserve the overall strength of the market.
Not only #BTC still finds support here …
But it also formed an early stage of Higher Low $ BTC #Crypto #Bitcoin
The recent weekly close of #BTC is not technically bad, as it occurred above the orange demand area
However, $ BTC is now falling towards the demand area
That said, this area of question is not yet lost
As long as the demand area holds, BTC will not hit $ 40,000
Not only is #BTC still finding support here…
— Rekt Capital (@rektcapital) September 14, 2021
Overall, however, there was still ample reason to be bullish over the longer term.
“Bitcoin reserves on exchanges are reaching very low levels. This is a sign that we have more and more holders “, he has underlined Michaël van de Poppe, collaborator of Cointelegraph.
“The inevitable is about to happen -> strong supply shock during which we will have a great race to higher figures.”
I data of on-chain analysis firm CryptoQuant confirm that reserves on exchanges have reached new multi-year lows this week, even lower than the levels of November 2020, the starting phase of the bull run.
Altcoin rises in line with Bitcoin’s strengthening
Today, altcoins paint a more positive picture too, with all of the top ten cryptocurrencies posting gains of at least 3%.
Related: ‘Bearish Pennant’ Breakdown Confirmed? Five aspects of Bitcoin to keep an eye on
On the podium we obviously find Solana (SOL) and Polkadot (DOT), both with yields close to 10%.
Also Ether (ETH) is in the recovery phase, exceeding $ 3,300. Despite everything, compared to last week, it recorded a -14%.
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