HomeCryptoBitcoin price sinks to $46.7K despite record accumulation and supply shock events

Bitcoin price sinks to $46.7K despite record accumulation and supply shock events

Bitcoin (BTC) noticed recent native lows on Tuesday as limp price motion diverged farther from bullish sentiment.

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

Bitcoin evades bullish continuation

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours.

Part of a multi-day rangebound building, the dip resulted in a push towards $48,000, with bulls nonetheless unable to collect momentum for an assault on $50,000.

For well-liked dealer Crypto Ed, $48,200 was the extent to look ahead to continuation upward.

“Showing some tricky moves, retest failed overnight with that dump,” he commented on the hourly chart.

“Right now busy to print a Bart pattern. Still having the same view: reclaim that first horizontal and we’re good to go.”

BTC/USDT annotated 1-hour candle chart (Binance). Source: Crypto Ed/Twitter

The temper amongst analysts broadly stayed optimistic on the day despite price motion lagging any noticeable enchancment in market exercise.

Some highlighted conspicuous accumulation at present ranges, whereas on-chain metrics equivalent to illiquid supply have been additionally a speaking level.

“This wave of Bitcoin supply shock has the most momentum of any in recent history,” William Clemente III, lead insights analyst at Blockware, famous.

“We’re going much higher over the coming months.”

Bitcoin illiquid supply relative power index vs. BTC/USD chart. Source: William Clemente III/Twitter

Ether on the transfer

On altcoins, Solana (SOL) and Polkadot’s DOT have been the standouts within the prime 10 cryptocurrencies by market capitalization. 

Related: Price evaluation 8/30: BTC, ETH, ADA, BNB, XRP, DOGE, SOL, DOT, UNI, LUNA

SOL/USD continued making new highs, gaining 19% on the day to close to $120, whereas DOT/USD added 9.2%.

Ether (ETH) was additionally on the transfer, up 5% on the time of writing and above $3,350 in what Cointelegraph contributor Michaël van de Poppe described as a “bullish” market.

“Ethereum bouncing from support as well on the $BTC pair. Looking good,” he added.

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