Technical Analysis

BTC/USD Analysis – September 06, 2021

By LonghornFX Technical Analysis
Sep 6, 20213 min

Upward Channel Support Bullish Trend

The BTC/USD reached a top of $51,900.0 and a low of $49,500.0 before closing at $51,762.0. BTC/USD rose for the sixth straight session, reaching its highest level since May 9th. Despite the recent positive climate around the cryptocurrency market, BTC/USD continued to move in a bullish trend, rising for the 7th successive week and reaching near $52,000 over the weekend.

Mike McGlone, a senior commodity strategist at Bloomberg, stated that the dominant bitcoin was well on its way to becoming a worldwide reserve asset to rival the US dollar. The path of least resistance for BTC and ETH, according to Bloomberg's Crytpo Outlook for September, will be levels of $100,000 and $5,000, respectively. The two assets have weathered a more than 50% correction during the summer. Bloomberg's forecast for the market's two most famous coins added to the surge of BTC/USD and enhanced the overall market sentiment.

After Twitter unveiled a new Tip Jar feature, which is currently in development, the leading cryptocurrencies were already high. Tip Jar will use the Lightning Network to collect bitcoin payments. Users will be able to collect tips in BTC and ETH as well. They will also be able to post their separate addresses for the tips on their Twitter profiles.

Meanwhile, news of a small Crypto Asset Recovery business in New Hampshire aided the rise in BTC/USD prices over the weekend. A father-and-son pair of computer programmers have turned their hobby into a business by assisting those who have forgotten their crypto wallet passwords. According to Chris and Charlie Brooks, after completing a survey, they estimated that about 68,110 to 92,855 BTC lost due to forgotten passwords may be recovered.

They want to figure out how their clients' minds work to help them recover lost bitcoin wallet passwords. They anticipate that by collecting these bitcoins, they will reclaim $4.7 billion in stranded funds in locked wallets. The industry of recovering crypto-assets has been dubbed "online treasure hunting" by Charlie Brooks, a 20-year-old computer programmer. If they are successful in recovering that large quantity of BTC, or even a small portion of it, that might benefit the industry.

The weakening of the US dollar was another factor in Bitcoin's price rise. The greenback had been under intense pressure for the preceding six days due to investors' cautious conduct as they awaited any clues from the Federal Reserve about tapering. However, the US Dollar Index, which measures the dollar's value against a basket of six major currencies, fell to a one-month low of 91.95 on Friday, pushing BTC/USD higher over the weekend over $52,000.

BTC/USD Intraday Technical Levels

Support Resistance

48494.4 50226.4

47697.7 51161.7

46762.4 51958.4

Pivot Point: 49429.7

BTC/USD - Technical Outlook

On Monday, the leading cryptocurrency BTC/USD is trading with a bullish bias at 51,642 level, gaining an immediate support at 51,300 level. On the downside, the pair is facing another support at the 49,790 level. However, the 49,790 support level breakout exposes the BTC/USD pair to 48,579 and 47,062.4 support zones.

Conversely, the breakout of the 51,850 resistance level exposes the Bitcoin towards the 52,513 and 54,025 levels. The RSI and 50 EMA support a bullish bias in Bitcoin. Thus, the focus should remain on 51,850 as the selling bias remains dominant below this level and vice versa. All the best!


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