Traders split on BTC price outlook after Bitcoin ( $45,881.00 ) dips below $47K

Bitcoin (BTC) gave traders a serious sense of deja vu on Aug. 26 after a fresh attack on $50,000 ended in a firm rejection.

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

Bitcoin optimism wavers

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to local lows of $46,540 on Bitstamp, having passed $49,300 hours before. 

The action continues rangebound behavior which looks to be cementing old resistance at $51,000, bears lacking volume and momentum to flip the area to support.

Despite pausing in the mid $46,000 range, Bitcoin ( $45,881.00 ) was not enticing many for long positions on the day, with popular trader Crypto Ed eyeing the potential for another relief rally before an even deeper price dip takes hold.

#BTC step 2 (bounce) executed it seems pic.twitter.com/ZPEsDXspmk

— Crypto_Ed_NL (@Crypto_Ed_NL) August 26, 2021

Others were more optimistic, among them contributors to market updates at on-chain analytics service CryptoQuant.

In one of various updates on the day, one analyst forecast that a BTC price move below $47,000 would be a “fake dip,” and the result would be a successful crossing of the $50,000 mark.

Buyer support on BTC/USD was meanwhile wearing thin Thursday, with reliable interest on major exchange Binance only in place closer to $41,000.

BTC/USD buy and sell levels (Binance) as of Aug. 26. Source: Material Indicators/ Twitter

Ethereum ( $0.00 ) ( $0.00 ) nears $3,000 retest

A similar picture held true for major altcoins as Bitcoin ( $45,881.00 ) ranged.

Related:  Ethereum ( $0.00 ) ( $0.00 ) traders expect volatility ahead of Friday’s $820M options expiry

Out of the top ten cryptocurrencies by market cap, none posted meaningful 24-hour gains, while equally barely moving in any direction.

Ether (ETH) maintained $3,000 support by a thread, while Cardano (ADA) erased more of its weekly returns, still up 20% over the past seven days.

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



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