Bitcoin (BTC) looked set to challenge critical $47,000 resistance on Sept. 14 amid a perfect storm of dwindling supply and “exhausted” bears.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHODLers vs. whales in battle for $50,000 retest
The pair gained $2,000 since Monday’s lows of $43,700, with analysts hoping that $44,000 would now stick as support.
For Cointelegraph contributor Michaël van de Poppe, $47,000 now formed the level to flip in order to spark a bullish run to the upside.
“On the upside, first, Bitcoin’s price has to break through $47,000, as that’s the current resistance. If that fails, upward continuation to $50,000 is possible as the final hurdle before a potential all-time high test,” he wrote in an analysis for Cointelegraph on the day.
Previously, whale selling behavior had suggested that $47,000 would be difficult to beat.
Meanwhile, fellow trader and analyst Rekt Capital eyed a return of important moving