{"id":473022,"date":"2021-10-04T18:00:21","date_gmt":"2021-10-04T18:00:21","guid":{"rendered":"https:\/\/ktsl888.com\/?p=473022"},"modified":"2024-06-11T13:59:11","modified_gmt":"2024-06-11T13:59:11","slug":"bitcoin-staggers-this-indicator-hope","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-staggers-this-indicator-hope\/","title":{"rendered":"As Bitcoin Staggers On $47K, This Indicator Suggests Hope For The Bulls"},"content":{"rendered":"<p>Bitcoin has been moving on a sideways trajectory after a decline from the $49,000 area. The first cryptocurrency by market seems to be displaying conviction, as the bears are unable to retake control of the current price action.<\/p>\n<p class=\"jeg_post_title\" style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><\/strong><strong><a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-10-percent\/\">Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More?<\/a>\u00a0<\/strong><\/p>\n<p>At the time of writing, BTC trades north of $48,000, a critical support zone that could support a fresh jump into previous highs. Although in lower timeframes there has been some \u201ccrab like\u201d action, higher timeframes still record important gains.<\/p>\n<figure id=\"attachment_473029\" aria-describedby=\"caption-attachment-473029\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473029 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-473029\" class=\"wp-caption-text\">BTC on a rally in the daily chart. Source:<a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\"> BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>Trader Justin Bennet <a href=\"https:\/\/twitter.com\/JustinBennettFX\/status\/00686858?s=20\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a> the key of the next leg up will be unlock as Bitcoin moves back into the $50,000 to $53,000 area. If the bulls can break above those levels, BTC\u2019s price should re-entered the $60,000 zone for the first time since May 2021.<\/p>\n<p>Otherwise, Bitcoin could still see some downside risk towards the middle area of its current levels at $45,000. Failure to sustain that support could see BTC return to the $40,700 area with danger of slipping further into the $36,500, as seen below.<\/p>\n<figure id=\"attachment_473030\" aria-describedby=\"caption-attachment-473030\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473030 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD.jpg?resize=860%2C505\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"505\"><figcaption id=\"caption-attachment-473030\" class=\"wp-caption-text\">Source: Justin Bennet via Twitter<\/figcaption><\/figure>\n<p>Unlike September, October has been historically a green month for BTC. Many traders are betting on this possibility.<\/p>\n<p>Therefore, the quick turn in the market sentiment to bullish as BTC climbed its way up from the low $40,000 to its current levels. In addition, trader John Wick <a href=\"https:\/\/twitter.com\/ZeroHedge_\/status\/11462915?s=20\" target=\"_blank\" rel=\"noopener nofollow\">believes<\/a> there are the right ingredients and environment to support a new all-time high, as seen below.<\/p>\n<figure id=\"attachment_473031\" aria-describedby=\"caption-attachment-473031\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473031 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-1.jpg?resize=860%2C550\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"550\"><figcaption id=\"caption-attachment-473031\" class=\"wp-caption-text\">Source: John Wick via Twitter<\/figcaption><\/figure>\n<h2>Bitcoin At A Crossroads, Why More Gains Could Result In A Fresh ATH?<\/h2>\n<p>In a separate report by Glassnode Insights, analyst Checkmate recorded that 10.3% of Bitcoin supply returned to an unrealized profit state. This suggest a lot of buyers entered positions as BTC was moving in the $40,000 to $41,000.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-turns-green-50k\/\">TA: Bitcoin Turns Green, Why BTC Could Soon Breach $50K<\/a><\/strong><\/p>\n<p>Thus, why BTC\u2019s price could have found a \u201cprice floor\u201d around those levels. As of now, about 86.6% of BTC\u2019s total supply stands at unrealized profit, as seen in the chart below.<\/p>\n<figure id=\"attachment_473032\" aria-describedby=\"caption-attachment-473032\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473032 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/BTC-BTCUSD.png?resize=860%2C504\" alt=\"BTC BTCUSD\" width=\"860\" height=\"504\"><figcaption id=\"caption-attachment-473032\" class=\"wp-caption-text\">Source: Glassnode Insights<\/figcaption><\/figure>\n<p>This increases the incentives for investors to take either of the two routes depending on Bitcoin price action. More investors could hold on to their profits, if the price continues to rally, or they could realize some of their gains if the price goes the other way. The analyst said:<\/p>\n<blockquote><p>If the market were to continue to trend higher and into a bullish continuation, this fractal would be similar to both the 2013 and 2017 market. In both prior cycles, a NUPL value of 0.5 acted as a &#8216;support&#8217; level during major corrections as the market&#8217;s profitability and conviction to hold was tested, bounced and subsequently rallied higher.<\/p><\/blockquote>\n<p>In support of the bullish thesis, Glassnode records a $1.75 billion capital inflow per day into the market as buy demand.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/ktsl888.com\/analysis\/btc\/why-bitcoin-100k-discourse-remains-strong\/\">Why The Bitcoin At $100K Discourse Remains Strong Despite Market Crashes<\/a><\/strong><\/p>\n<p>\u00a0In addition, the Spent Volume Age Bands, a metric used to measure the total percentage of BTC\u2019s supply exchanging hands, suggest \u201cold hand have strong conviction and are not spending at current prices\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been moving on a sideways trajectory after a decline from the $49,000 area. The first cryptocurrency by market seems to be displaying conviction, as the bears are unable to retake control of the current price action. Related Reading |\u00a0Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More?\u00a0 At the time of writing, BTC trades north of $48,000, a critical support zone that could support a fresh jump into previous highs. Although in lower timeframes there has been some \u201ccrab like\u201d action, higher timeframes still record important gains. Trader Justin Bennet believes the key of the next leg up will be unlock as Bitcoin moves back into the $50,000 to $53,000 area. If the bulls can break above those levels, BTC\u2019s price should re-entered the $60,000 zone for the first time since May 2021. Otherwise, Bitcoin could still see some downside risk towards the middle area of its current levels at $45,000. Failure to sustain that support could see BTC return to the $40,700 area with danger of slipping further into the $36,500, as seen below. Unlike September, October has been historically a green month for BTC. Many traders are betting on this possibility. Therefore, the quick turn in the market sentiment to bullish as BTC climbed its way up from the low $40,000 to its current levels. In addition, trader John Wick believes there are the right ingredients and environment to support a new all-time high, as seen below. Bitcoin At A Crossroads, Why More Gains Could Result In A Fresh ATH? In a separate report by Glassnode Insights, analyst Checkmate recorded that 10.3% of Bitcoin supply returned to an unrealized profit state. This suggest a lot of buyers entered positions as BTC was moving in the $40,000 to $41,000. Related Reading |\u00a0TA: Bitcoin Turns Green, Why BTC Could Soon Breach $50K Thus, why BTC\u2019s price could have found a \u201cprice floor\u201d around those levels. As of now, about 86.6% of BTC\u2019s total supply stands at unrealized profit, as seen in the chart below. This increases the incentives for investors to take either of the two routes depending on Bitcoin price action. More investors could hold on to their profits, if the price continues to rally, or they could realize some of their gains if the price goes the other way. The analyst said: If the market were to continue to trend higher and into a bullish continuation, this fractal would be similar to both the 2013 and 2017 market. In both prior cycles, a NUPL value of 0.5 acted as a &#8216;support&#8217; level during major corrections as the market&#8217;s profitability and conviction to hold was tested, bounced and subsequently rallied higher. In support of the bullish thesis, Glassnode records a $1.75 billion capital inflow per day into the market as buy demand. Related Reading |\u00a0Why The Bitcoin At $100K Discourse Remains Strong Despite Market Crashes \u00a0In addition, the Spent Volume Age Bands, a metric used to measure the total percentage of BTC\u2019s supply exchanging hands, suggest \u201cold hand have strong conviction and are not spending at current prices\u201d.<\/p>\n","protected":false},"author":535,"featured_media":469072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-473022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>As Bitcoin Staggers On $47K, This Indicator Suggests Hope For The Bulls<\/title>\n<meta name=\"description\" content=\"Bitcoin has been moving on a sideways trajectory after a decline from the $49,000 area. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/ktsl888.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"As Bitcoin Staggers On $47K, This Indicator Suggests Hope For The Bulls","description":"Bitcoin has been moving on a sideways trajectory after a decline from the $49,000 area. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"As Bitcoin Staggers On $47K, This Indicator Suggests Hope For The Bulls","url":"http:\/\/ktsl888.com\/news\/bitcoin-staggers-this-indicator-hope\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-staggers-this-indicator-hope\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/08\/bitcoin-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/08\/bitcoin-1.jpeg?fit=1200%2C900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-10-04T18:00:21Z","datePublished":"2021-10-04T18:00:21Z","dateModified":"2024-06-11T13:59:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"As Bitcoin Staggers On $47K, This Indicator Suggests Hope For The Bulls\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-staggers-this-indicator-hope\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-staggers-this-indicator-hope\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-1.jpeg?fit=1200%2C900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-10-04T18:00:21Z\",\"datePublished\":\"2021-10-04T18:00:21Z\",\"dateModified\":\"2024-06-11T13:59:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/08\/bitcoin-1.jpeg?fit=1200%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/473022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=473022"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/473022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/469072"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=473022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=473022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=473022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}