Bitcoin has begun the new month of September positively, with fresh lows not seen in the previous week. BTC reached a high of $48,245, after which it began to decline in value. It destroyed the $47,500 and $47,000 support levels.
BTC Outflow on Coinbase
BTC/USD has touched lows of $46,530 on Bitstamp in one day, according to data from TBEN Markets Pro and TradingView. It’s the lowest price the coin has seen since August 27.
It traded around the $46,500 support level and produced a low of approximately $46,540. It is currently holding its losses at the 23.6 percent Fib retracement line of the last drop from $48,245 swing high to $46,540. Bitcoin is presently trading at $47,686.71 and is up again.
According to Willy Woo, an expert who reiterated this week’s results, Bitcoin is expected to maintain a substantial pool of support in the present ranges. Over 1.65 million BTC are available in a price range of $45,000 to $50,000.
Bitcoin is nearing a price stability area, he remarked on Twitter. However, at the mid-level, the zone around $51,000 is likely to crumble. It is Bitcoin’s ultimate stumbling block. The timing of this is a bit of a puzzle.
Investors are beginning to see the light
As a result, investors appeared to be out on the day, with Coinbase reserves reaching their lowest level since December 2017. Only 700,000 BTC and roughly $20 billion in stablecoins are available for exchange on controlled trading platforms. There was a lot of BTC influx during the May sell-off. According to Glassnode, Coinbase is now witnessing a significant outflow of currency.
Michael van de Poppe, on the other hand, sees little in the news. Instead, he claims that BTC is going about its business as normal while it undergoes consolidation.
Ethereum is gaining ground
At $3,250, Ethereum began to build a basis for a prolonged rise. Finally, the price of ETH broke through the $3,350 and $3,380 barrier levels.
It even surpassed the $3,400 mark and was much over the 100-hour norm. Before the negative reversal, the price reached over $3,477. Although the price fell below $3,400, the bulls were active at $3,350.
Overnight, ETH/USD surpassed $ 3,500, becoming its highest level against the US Dollar and Bitcoin in three months. Its market capitalization domination increased to 20.4 percent, with bitcoin remaining at 44 percent.
Bulls who succeed may see returns of more than $3,480. The next major barrier is around $3,500. It might lead to another break over the $3,500 resistance if it is crossed. In this case, the price of Ether might reach $3,600.