Bitcoin (BTC) hit close to $50,000 on Aug 22, as concerns about a bearish slowdown reappeared in a timely manner.
“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.
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.
September $43K minimum/worst case is not a typo. The small drop is caused by the data. However it is the worst case estimate, my base case is of course the S2F estimate. Also, the worst case scenario/October floor of $63K is more aligned again. So September is just a data blip, nothing to worry about. https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD) August 16, 2021
$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.”
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.
Follow us on social media
Follow our profile on Instagram and in the telegram to receive first-hand news!