Bitcoin prepares for $50K showdown as futures traders turn ‘modestly bearish’ on BTC

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Bitcoin prepares for $50K showdown as futures traders turn ‘modestly bearish’ on BTC

Bitcoin (BTC) edged nearer to $50,000 on Aug. 22 as issues over a bearish downturn made a well timed reappearance.

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

“Modestly bearish” indicators accompany $50,000 run-up

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD hitting a prime of $49,830 on Bitstamp Sunday — itself a three-month document.

The weekend had confirmed the endurance of upper ranges, with even decrease volumes failing to spark a comedown.

“To this point, so just right for BTC,” dealer and analyst Rekt Capital summarized.

Nevertheless, as $50,000 loomed, issues started to mount in regards to the total energy of the marketplace. 

As famous via tracking useful resource Subject material Signs, dealer behavior have been hinting at trust in decrease ranges returning. One futures setup concerned $32,000 and $34,000 for the August and September end-of-month settlements respectively.

This, the account argued, used to be “modestly bearish.”

“As well as, we nonetheless have numerous 50k places, suggesting we get rejected right here,” it added, additionally highlighting the “overhepositive investment charges throughout buying and selling platforms.

Bitcoin investment charges chart. Supply: Bybt

This type of point of view naturally grates with the total consensus amongst analysts, particularly with the stock-to-flow fashions and their author’s “worst case state of affairs” for minimal costs each and every month.

For August, this stands at $47,000, whilst September’s $43,000 expectation is simplest decrease for technical causes, PlanB defined this week.

SEPTEMBER $43K FLOORING / WORST CASE ISN’T A TYPO. THE SMALL DIP IS BROUGHT ABOUT VIA THE INFORMATION. ALTERNATIVELY, THIS CAN BE A WORST CASE ESTIMATE, MY BASE CASE IS IN FACT THE S2F ESTIMATE. ADDITIONALLY, OCTOBER $63K WORST CASE / FLOORING IS EXTRA IN LINE ONCE MORE. SO SEP IS ONLY A INFORMATION BLIP, NOT ANYTHING TO FRET ABOUT. HTTPS://T.CO/TJ6SSWSZKR

— PLANB (@100TRILLIONUSD) AUGUST 16, 2021

$50,000 issues solution to all-time highs

In a similar fashion positive, however simply as level-headed, used to be the preferred dealer referred to as John Wick on Twitter.

Comparable: Worth research 8/20: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, BCH

“To this point slightly of provide entrance operating fears of $50k distribution,” he said as a part of feedback on Bitcoin tackling the signficiant $50,000 mark. 

“IF WE WILL BE ABLE TO GET PREVIOUS THIS HOUSE OF RESISTANCE I WILL REALLY FEEL MUCH MORE ASSURED ABOUT ATH’S THIS YR.”