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    Home » Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

    Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

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    By umer shafi on September 7, 2021 Bitcoin News

    Bitcoin (BTC) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000. 

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

    BTC still “fine” at $49,000

    Data from Cointelegraph Markets Pro and Trading View followed BTC/USD as it shed $2,000 in two hours Tuesday.

    The pair had hit $52,960 — nearly a four-month high — before consolidating and then heading lower.

    The volatile conditions mark a memorable day for Bitcoin adoption, coming as El Salvador becomes the first country in history to adopt a partial “Bitcoin standard.”

    For traders, the BTC price reversal, which at the time of writing had cooled at $50,500, was likely merely a technical event.

    “Shaking out some late longs I’d expect,” popular social media trader Crypto Chase commented.

    “Still confident we see 54.7K~ hit as long as 50K can hold as support (fairly obvious 12HR level to work with here).”

    As Cointelegraph reported, funding rates this week signaled bullish bias, with expectations of profitable shorts providing a potential opportunity for a squeeze upward.

    Cointelegraph contributor Michaël van de Poppe agreed, highlighting even $49,000 as a reasonable target, which would still give no cause for concern.

    “Test happening!” he subsequently tweeted.

    Major altcoins erase days of gains

    Altcoins felt the pain of Bitcoin’s retest more acutely.

    Related: These 3 altcoins mooned as Bitcoin price rallied to $52,000

    Ether (ETH), the largest altcoin by market capitalization, was down 5.9% on the day at $3,715, while Cardano (ADA) shed 11.2%.

    $SOL / #BTC – #sol #Solana

    Solana continues its phenomenal run into Price Discovery, consistently reaching new All Time Highs

    SOL has rallied over +240% since breaking the downtrend#Crypto https://t.co/HLIkV3Nh79 pic.twitter.com/Bm4hxlANJv— Rekt Capital (@rektcapital) September 7, 2021

    Solana (SOL) was the day’s only winner yet again out of the top 10 cryptocurrencies, impressively gaining nearly 25% in 24 hours.

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    NOUVELLES CONNEXES

    DeFi Land raises $4.1M to launch decentralized finance game on Solana

    The Bitcoin metric that flipped green just before $50K BTC price bull run is back

    The largest cryptocurrency exchange in Spain is ready to take its platform global

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    Final Editied by manger373
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