Bitcoin (BTC) preserved a higher low overnight on Sept. 14 in what one analyst believes may lead to sustained recovery.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst: Time for “inevitable” Bitcoin supply shock
The pair had been drifting south before a sudden bout of volatility produced lows of $43,380 on Bitstamp. At the time of writing, these remained untested, with Bitcoin gaining around 5.5%.
“This could be a macro HL for $BTC. It acted as support before,” popular trader Pentoshi summarized about the area immediately below around $45,300.
“We took out the HL from the Macro down trend then climbed w/o any notable pullbacks for weeks. As long as we are above 41k we are bull. Btc has a way of looking sh*t and then surprising everyone.”
Pentoshi had stayed cautious on Monday, in line with expectations from analysts which demanded a daily higher low to preserve overall market strength.