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Bitcoin: Network data shows strong support and accumulation of momentum for growth

Bitcoin did not please over the weekend. Yes, bullish engulfing was formed upon the breakdown of local support at 48,178.13, but it turned out to be not very informative. At this level, the price consolidated over the weekend, and today it breaks through it again from top to bottom.

Such dynamics do not negate the prospects for further growth of the main cryptocurrency, but so far the consolidation looks unsightly. Maybe the BTC/USD daily candlestick will, of course, also close today above the level of 48,178.13. But for now, the trading range should be considered between the August 26 lows and the August 23 highs ($46,000-$50,000 per coin).

Let's see what the on-chain analytics data show now. Glassnode UTXO's realized price distribution for bitcoins showed that nearly 1.65 million BTC have an on-chain base value ranging from $45,000 to $50,000, forming a strong support zone. This is the range that I indicated above.

The next target support area for leading cryptocurrencies is in the zone from $53,700 to $59,000, in which about 1.33 million bitcoins have been accumulated. Technically, the next resistance zone is in the 52,000-52,929 area.

Glassnode also reveals that, in addition to these key intrachain support zones, almost 2.98 million BTC is in the green zone in the $31,000 to $40,000 price range, indicating a large cumulative demand in this range. Price momentum slowed in the last week of the month and bearish sentiment began to show in the short term.

It has been almost a week since the bitcoin price briefly exceeded $50,000 before falling below key resistance again. The on-chain analysis presented by Santiment suggests that bitcoin traders are pushing the mainstream cryptocurrency back into the sidelines.

Santiment notes this is the perfect time for Bitcoin to return to growth. The support zone and strong cumulative demand in the lower price area could give the main cryptocurrency a boost, so a breakdown of the $50,000 per coin area will be decisive for further growth.

Long-term forecasts remain optimistic, it is only necessary to consolidate above $50,000-$52,000. And there we can expect a return to the historical maximum. In addition, numerous forecasts of strengthening to 100,000 have not yet lost their relevance. And with the onset of September, the market may revive.


The material has been provided by InstaForex Company -