Despite record accumulation and supply shock events, the Bitcoin price has fallen to $46.7K.

 2,282 Interactions,  12 Today

When it comes to Bitcoin on Tuesday, everything is optimistic except the price – the market is still waiting for clues.

Bitcoin (BTC) hit new lows in the local market on Tuesday, as price movement deviated farther from optimistic enthusiasm.

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

Bitcoin evades bullish continuation

Data from  TradingView showed BTC/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours.

The slump, which was part of a multi-day rangebound formation, resulted in a push towards $48,000, with bulls still unable to generate momentum for an attack on $50,000.

For popular trader Crypto Ed, $48,200 was the level to watch for further upward movement.

 

“Showing some tricky moves, retest failed overnight with that dump,” he commented on the hourly chart.

“Right now busy to print a Bart pattern. Still having the same view: reclaim that first horizontal and we’re good to go.”

BTC/USDT annotated 1-hour candle chart (Binance). Source: Crypto Ed/Twitter

The mood among analysts broadly stayed optimistic on the day despite price action lagging any noticeable improvement in market activity.

See also  Bitcoin bulls have returned since BTC bounced at a critical support stage.

Some highlighted conspicuous accumulation at current levels, while on-chain metrics such as illiquid supply were also a talking point.

“This wave of Bitcoin supply shock has the most momentum of any in recent history,” William Clemente III, lead insights analyst at Blockware, noted.

“We’re going much higher over the coming months.”

Bitcoin illiquid supply relative strength index vs. BTC/USD chart. Source: William Clemente III/Twitter

Ether on the move

In terms of altcoins, Solana (SOL) and Polkadot’s DOT stood out among the top ten cryptocurrencies by market capitalisation.

SOL/USD continued to make new highs, rising 19% on the day to near $120, while DOT/USD rose 9.2 percent.

Ether (ETH) was also on the rise, up 5% at the time of writing and trading above $3,350 in what Cointelegraph contributor Michaal van de Poppe called as a “bullish” market.

 

“Ethereum bouncing from support as well on the $BTC pair. Looking good,” he added.

See also  Discover ‘where the huge gains are made' with Ethereum, Cardano, VeChain, and other altcoins.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Subscribe to our newsletter

Loading

Leave a Reply

Your email address will not be published. Required fields are marked *