The price of Bitcoin (BTC) started to show a price correction from the level of almost $ 53,000 in the Asian session to the daily low of $ 50,681. With this BTC has lost as much as $ 2,000 in an hour. BTC has managed to overcome the key resistance of $ 50,000 last week and the next target is the price of $ 55,000 before the price correction takes place suddenly today.
At the same time, Bitcoin miners have also started taking profits by transferring their bitcoin holdings to exchange rates lately. Based on Glassnode data, the current $ 50,000 price range is a price level that is profitable for miners, so it’s no surprise they’re starting to take profits. Nearly 3,000 BTC were sent by the miners to the exchange with an estimated value of $ 145 million.
"Any dips into ~ $ 50400 or ~ $ 51000 will likely figure as a retest attempt to confirm the breakout beyond the key blue level"
Retest is now in progress $ BTC #Crypto #Bitcoin https://t.co/tWUyNcxfUZ pic.twitter.com/SWKKRAVe8v
- Rekt Capital (@rektcapital) September 7, 2021
Well -known crypto analysts from Rekt Capital argue that Bitcoin could retest $ 50,000 before re -testing the $ 55,000 resistance level. The $ 53,000 price will be the determining point. Analysts also argue that retesting to the $ 50,000 level is nothing more than a small correction.
Today, Bitcoin became a legal tender in El Salvador after three months through the legal process. The President of El Salvador, Nayib Bukele through his tweet yesterday revealed that the government has made the first purchase of 200 Bitcoin (BTC) before the Bitcoin Law came into force today. Thus if the BTC price falls below the $ 49,000 level then there is a tendency for the BTC price to continue to fall.
So far, the Bitcoin price is trading at the price level of $ 51,047 per unit with a fall of 0.39% in 24 hours.
