Bitcoin price rallied remarkably and successfully added yet another $2000 with a nearly 6.1% jump. Moreover, the price also achieved the important resistance levels around the 200-day MA at $44,864. The rally marked a bullish re-establishment but with the beginning of the fresh day trade, BTC price initiated with consolidation. Whereas most of the altcoins appear extremely bullish.
The past weekend turns out to be a pivotal period that dragged the crypto space out of the reach of the bears. BTC price currently is reattempting to surge above $46000, keeping the bullish momentum well in place. On the other hand, the ETH price comfortably resides above $3100 after the occurrence of the Golden Cross.
However, the Golden Cross on Bitcoin is expected to occur in a coming couple of days on 13th August 2021 as predicted by analysts.
Currently, the exchange outflow ratio has fallen to the lowest point since June 2019. Therefore a sense of confidence among the holders is withnessed as large exchange sell-offs are less common when less supply is at risk on exchanges.
Despite Bitcoin price closed above the important daily 200-MA, buyers appear to be exhausted in fueling the bull run. However, if the consolidation drags the price down, a higher low between $44,000 to $44,300 could preserve its uptrend. And hence, the BTC price could ultimately coil up towards $50,000, $48,000 could be the initial stop.
Also Read: Ethereum Price Flips Before Hitting Crucial Support Zones, Bull Market Resumes!
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