Why Bitcoin Could Rise To $53K, Here Are The Risks Bulls Must Overcome

Bitcoin is moving sideways in lower timeframes as the crypto markets continue to run without a clear direction. The first cryptocurrency by market cap trades at $47,837 with a 1.2% loss in the daily chart. BTC’s price has been moving in a tight range during the week, unable to break above $48,500. Data from Santiment suggest an increase in the amount of BTC’s supply exchanging hands since the beginning of September. This suggests that investors could be taking more profits as Bitcoin tries to take previous highs contributing to the bears’ attempts to take over the market. As seen below, the BTC Token Circulation metric can be used to find a correlation between the price action and the amount of supply exchanging moving on the network. The firm said: Bitcoin now sits at $48.1k following a volatile couple of weeks to open September. Notably, the amount of unique tokens moving on the $BTC network, known as token circulation, is up big. Wednesday saw 187.91 unique coins moved, the most since July 29. For Analyst Justin Bennet, BTC’s price broke its upward trend during last week’s selloff. In that sense, the analyst found similarities between this event with May’s price action, when Bitcoin experience the first of several capitulation events. Related Reading | Bitcoin Suffers As Mid Caps Cryptos Establish Market Dominance With Wide Margin The $48,000 to $50,000 region is critical for the bulls, if BTC’s price managed to ...