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Bulls losing to bears? No, $50k per BTC is still ahead!

Bitcoin took us on a real rollercoaster ride last week. Rising to $53,000 and then a sharp drop to $42,000! But what’s next? Find out in BTCNEXT’s price analysis.

1–14 September main events

  • El Salvador legalizes Bitcoin. On September 7th, Bitcoin became a legal means of payment in El Salvador. The country’s government purchased the first 550 BTC.
  • The SEC threatens to sue Coinbase. The US Securities and Exchange Commission has warned crypto exchange Coinbase that it will be prosecuted for launching crypto-savings accounts as they are classified as “securities”.
  • Solana’s Price Exceeds $200! On September 9th, the cryptocurrency renewed its maximum price above $200. With a capitalization of $61 billion, the project takes sixth place in the CoinMarketCap rating, leaving Dogecoin, Polkadot and even XRP behind.

Price analysis

The past two weeks have been complete madness! Bitcoin passed the entire resistance zone of $50,200-$52,000 and reached $53,000, which was followed by an instant reversal. The price dropped to $42,000 within a few hours. After a rollback to $47,000, the price continued to decline. Then, we had a fake announcement of a partnership between Litecoin and Walmart and BTC fell again to $43,000. Now the price has recovered to $46,000.

The daily candle is still closing below the resistance range of $47,230-$46,000 and we are trading above the support at $43,700-$40,860 as well as the Ichimoku cloud. The bullish convergence on the RSI is already beginning to form and we see the lows starting to rise from September 10th. The Fear and Greed Index dropped 14 points from 44 to 30. Funding is in the neutral zone, but still, a slight advantage goes to the shorts.

In the next couple of days, we will see a sideways trend in the $46,000-$44,000 range. A price drop below $44,410-$42,845 looks unlikely. If BTC starts to fall, then we’ll fall to the $41,285-$40,000 range. In the near future, we can expect a breakdown of the main resistance at $47,185-$47,545 and an increase to $49,250. The altcoin season is still ongoing.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

To learn more about BTCNEXT, visit our official Website.

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