Bitcoin Recaptures $47,000 From Bears as It Breaks Key Resistance Level

Bitcoin temporarily reclaimed $47,000 on Sept. 15, a move that analysts believe should open the way to $50,000.

BTC/USD 1-hour candlestick chart (Bitstamp) Source: TradingView

Bitcoin bulls dodge the lows again

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD held onto the $47,000 mark on Wednesday, which is crucial for the continuation of the bullish run.

The level had been fiercely defended by whales the day before, but bulls eventually prevailed, pulling Bitcoin out of a multi-day descending channel.

Even a drop to $46,000 failed to materialize, reinforcing the bullish case for short-term Bitcoin price action.

Here's Bitcoin's 4-hour closing price

If Bitcoin falls to $46,100 from now on, this could be an opportunity to revalidate the breakout of Bitcoin’s current market structure

— Rekt Capital (@rektcapital) September 14, 2021

After the golden cross of BTC/USD, at the same time the balance of the exchange hit a new low and the implied supply was squeezed, Bitcoin was relatively strong.

Bitcoin Exchange Balance Chart Source: CryptoQuant

Nowhere is this more evident than on the daily chart, which, as popular trader Pentoshi pointed out, produced a "bullish engulfing" candle that erased six days of sideways movement.

"Back above the 200-day moving average, now facing resistance at Monday's high/September open ($47,000-$47,150)," added analyst William Clemente.

"If these levels are indeed breached, a move to the August high of $505,000 could happen very quickly."

The support level coincides with the forecast for the lowest monthly close

A look at the buy and sell levels on major exchange Binance confirms that resistance is now at a much higher level above $49,000, with apparent support also a few thousand dollars below the spot price.

Support is aligned with the existing September minimum monthly close forecast at $43,000. By comparison, October required a minimum monthly close of $63,000, close to Bitcoin’s all-time high.

BTC/USD bid/ask levels (Binance) as of September 15. Source: Material Indicators

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