BTC price nears $46K with Bitcoin exchange reserves lower than November 2020

BTC price nears $46K with Bitcoin exchange reserves lower than November 2020


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

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising to rechallenge $46,000 Tuesday.

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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.

Not only

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