Bitcoin prepares for $50,000, but some traders talk of ‘modestly bearish’ signals on BTC

Bitcoin (BTC) hit close to $50,000 on Aug 22, as concerns about a bearish slowdown reappeared in a timely manner.

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

“Modestly bearish” signals follow the $50,000 rise

Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD hitting a high of $49,830 on Bitstamp Sunday – a three-month high.

The weekend proved the staying power of higher levels, with even lower volumes failing to cause a drop.

“So far, so good for BTC”, summarized the trader and analyst Rekt Capital.

However, as $50,000 approached, concerns began to mount about the overall strength of the market.

As observed by monitoring the Indicators of the Material company, the habits of traders indicated a belief in the return of lower levels. A futures setup involved $32,000 and $34,000 for the August and September month-end settlements, respectively.

That, argued the company, was “modestly bassist”.

“Furthermore, we still have a lot of 50,000 put options, suggesting that we will be rejected here,” he added, also highlighting “exceedingly positive funding rates across all trading platforms.

Bitcoin funding rates chart. Source: Bybt

Such a perspective naturally irritates the general consensus among analysts, notably with the stock-to-flow models and its creator’s “worst case scenario” for monthly minimum prices

For August, that’s $47,000, while the $43,000 September expectation is lower just for technical reasons, as PlanB explained this week.

$50,000 points for the best of all times

Equally optimistic, but equally sensible, was the popular trader known as John Wick on Twitter.

“So far, some supply has faced $50K distribution fears,” he said he, as part of the comments about Bitcoin being facing the significant $50,000 mark.

“If we can overcome this area of ​​resistance, I will feel even more confident about ATH this year.”

BTC/USD annotated chart. Source: John Wick/Twitter

At the time of this writing, the BTC/USD was trading at just over $49,000 ahead of returns from investors and professional institutions on Monday.

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