The general mood in the cryptocurrency market is the anticipation of September 17, as the price of bitcoins has traded in an increasingly narrow area over the past two days and seems to be falling, ready to go one way or another.
Data from Cointelegraph Markets Pro and TradingView show that the price of Bitcoin (BTC) ranged from $ 47,150 to $ 48,150 in Friday trading as the absence of any major events or compelling stories resulted in a relatively stable day in the markets.
One-day BTC / USDT chart. Source: TradingView
A recent report from Delphi Digital showed that the sudden drop in the price of bitcoin last week surprised the market and led to a significant decline in market sentiment from greed to fear, and the dynamics of the price of BTC over the past week was the answer. As traders, enter the markets carefully.
Worry and Greed and the 7-Day Moving Average. Source: Delphi Digital
Here’s what analysts and traders have to say about the recent BTC price movement and what can be seen as the market gets closer to the weekend.
A bull flag is forming on the 4 hours chart.
Bitcoin price action was positively influenced by Twitter user Pentoshi, who posted the following tweet highlighting the formation of a bullish flag on the 4-hour chart and the subsequent revision of the key support and resistance level of $ 46,800.
As Pentoshi mentioned, several events are coming that could lead to a more bullish momentum in the market, including a growing list of Bitcoin ETF applications to be managed by the US Securities and Exchange Commission (SEC).
Bentoshi also suggested that if a breakout occurs that brings PoB back to $ 49,380, it could be a sign that the market is about to break out, making it an important level to look out for.
Bitcoin “plays mind games” with the market
Understanding Bitcoin’s price movement on shorter timeframe charts was provided by cryptocurrency trader on Twitter “Crypto_Ed_NL”, who described Bitcoin’s recent move as a “mind game” with the market.
As seen in the chart below, the BTC price is currently consolidating below $ 48,000 and is not signaling a continuation yet, indicating caution for traders as a higher level is not a guarantee.
However, Crypto_Ed_NL does not believe that the recent withdrawal of the price is “a way to start a serious decline”, citing a possible rally in the near future.
Related: Bitcoin Next Stop At $ 85k As Analysts Predict Q4 Bitcoin Price Explosion
Bitcoin Approaches Close At Higher Weekly Lows
An analysis of Bitcoin’s price movement on a higher weekly timeframe chart was provided by cryptanalyst and Twitter username “Rekt Capital”, who showed Bitcoin is on track for a proper weekly close with a new weekly low if it manages to stay. More than $ 46,300.
A well-defined support and resistance level close to $ 48,930 has been the source of the current battle for a break above, and at the moment, BTC looks like it will continue to consolidate within its current range.
The total market value of the cryptocurrency is now $ 2.129 trillion, and the bitcoin dominance rate is 42.1%.