Bitcoin prepares for $50K showdown as futures merchants flip ‘modestly bearish’ on BTC


Bitcoin (BTC) edged nearer to $50,000 on Aug. 22 as considerations 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

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD hitting a excessive 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.

“Up to now, so good for BTC,” dealer and analyst Rekt Capital summarized.

Nonetheless, as $50,000 loomed, considerations started to mount concerning the total energy of the market.

As famous by monitoring useful resource Materials Indicators, dealer habits had been hinting at perception 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, was “modestly bearish.”

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

Bitcoin funding charges chart. Supply: Bybt

Such a perspective naturally grates with the general consensus amongst analysts, notably with the stock-to-flow fashions and their creator’s “worst case state of affairs” for minimal costs every month.

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

$50,000 factors method to all-time highs

Equally optimistic, however simply as level-headed, was the favored dealer often known as John Wick on Twitter.

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

“Up to now a little bit of provide entrance operating fears of $50k distribution,” he mentioned as a part of feedback on Bitcoin tackling the signficiant $50,000 mark.

“If we will get previous this space of resistance I will really feel much more assured about ATH’s this 12 months.”

BTC/USD annotated chart. Supply: John Wick/ Twitter

AT the time of writing, BTC/USD traded at simply above $49,000 forward of the return {of professional} merchants and establishments Monday.