Sellers Congestion Loom As Bitcoin Continues Ranging

The Crypto market has been filled with a lot of actions as different currency pairs thrive while others are struggling. As the drama unfolds, some coins are segregated from the rest actions as they’ve to remain within a price region. One such coin is Bitcoin.

BTC/USD

The BTC/USD pair being at $45,000 is no longer news as the coin has been within that price region since the week’s beginning. Interestingly, the $45k support has held out fine since BTC climbed to this price mark with the king coin flipping this support once. Many traders will argue that bitcoin is in a safe zone and will not dump any time soon.

This claim may be untrue has recent data shows that if the firstborn of all coins does not continue its upward trend then it runs the risk of dumping. Recently, BTC has been trading sideways with little rise and dumps.

As of the time writing, bitcoin is trading within $44,000-$46,800. It is also important to note that the coin has been in an uptrend since August 3. The upward trend makes an abrupt stop and resumed trading sideways.

The previous upward momentum chart pattern suggests that the king coin may experience a price dip soon as it is a bearish flag. The uncertainty continues as the coin starts to range. Within the ranging channel, there lies another upward trend. Bitcoin has to flip the $48,000 resistance or risk a price dip as low as $44,000.

The Good news

On-chain analysis shows that BTC is experiencing relative bullish momentum as the buyers are edging. The right-wing traders will also put more effort to guarantee that more traders are benefiting from the market as 85% of the total HODLers are in profit.

A dip may turn out to be a blessing in disguise as the $44,000 support may be the king to flipping $50,000.

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  • bitcoinBitcoin (BTC) $ 23,318.00 0.36%
  • ethereumEthereum (ETH) $ 1,597.28 0.72%
  • bnbBNB (BNB) $ 307.99 1.7%
  • xrpXRP (XRP) $ 0.402397 2.8%
  • solanaSolana (SOL) $ 24.21 0.66%
  • terra-luna-2Terra (LUNA) $ 2.07 3.42%