$ 50,000 unreachable, Bitcoin price drops to lower support level

$ 50,000 unreachable, Bitcoin price drops to lower support level

As the end of August and September approaches (generally boring months for BTC prices), this is a depressing market for Bitcoin bulls. As of August 31, Bitcoin continued to fall below $ 50,000 with analysts expecting higher levels to support the bull market.

$ 51,000 is still a broken trade for BTC.

Data from CointelegraphMarketsPro and TradingView painted a bearish picture for traders on August 31, as BTC / USD continued to trade at its four-day low. Despite supporting directions and principles, the BTC price difference has rocked the market on weekends and beyond. Weaknesses cause $ 50,000 problems. The key defensive level, which is currently involved in the trade above $ 51,000, is stable and analysts say expectations remain low until that level moves to support. According to Cointelegraph contributor Michaël van de Poppe, “$ 51,000 is a clear indication that Bitcoin is the level at which it should be broken. "

According to Van der Pope: When that happens, there will be new energy to start again at $ 58,000 and then hit new highs. It was only $ 17,000 all the time, but at the time of writing that level seemed like a distant goal. Take a look at the coin market levels of the major exchanges and see how many buyers need to support Bitcoin's withdrawal from its current territory.

BTC / USD buy and sell levels as of August 31

Consolidation will prevent prices from falling.

Others believe that Bitcoin is repeating the demand more than not protesting, but that previous processes have united this demand. Well-known trader and analyst Rekt Capital said: Slowly but surely, BTC is getting closer and closer to the next big area. The price is unlikely to drop due to the high integration cost of around $ 40,000.

A Glassnode analyst said in a statement last week on August 30, “The market is currently at a high level of chain market share due to the price hike. It went over $ 50,000 and raised interest rates last week.

According to the report, the base price of 1.65 million BTC is between US $ 45,000 and US $ 50,000.

"Based on the positive results, it shows that there is still confidence in the market, which is a strong signal for the bull market," added the analyst.

Bitcoin UTXO uses a price list to distribute.