- A technical indicator points to a new bull run. The indicator showed the last buying opportunity before BTC rose to $20,000.
- Experts say that the Bitcoin price on the daily chart must close above the $11,250 mark to continue its upward trend.
Since Monday, the Bitcoin price has been showing a continuing upward trend and has briefly risen to almost $11,100. First, however, BTC is drawing a correction and is trying to break through the $11,000 mark again at the time of writing. Within the last 24 hours Bitcoin has been moving sideways with a plus of 0.3% to a price of $10,967. The market capitalization remains at $201 billion and Bitcoin dominance at 57.2 %.
The CTO of the analysis platform Glassnode Rafael Shultze-Kraft states that the indicator “Short-term unrealized net profit/loss for holders” (STH-NUPL) shows a buy signal. The last time the STH-NUPL showed a buy signal was when Bitcoin rose to its former all-time high of $20,000:
Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) with a #bullish signal here imo! That bounce of the 0-line was important, is very characteristic for previous bull markets, and historically a good buying opportunity.
Josh Rager also remains bullish for Bitcoin, but BTC must break through the $11,000 barrier and then close above the $11,250 mark on the daily chart. On the weekly chart, BTC will have to close above the $10,600 mark in order to draw a higher local high to establish new support.
On lower time frames watching for Bitcoin to stay above $10,600 for another higher-low
Ideally for price to break above $11,100 then close in the range above $11,250 pic.twitter.com/zC1iuYifLe
— Josh Rager 📈 (@Josh_Rager) September 17, 2020
Trader “Byzantine General” states that Bitcoin will soon reach the RSI (Relative-Strength-Index) of 50, drawing a new bullish scenario. However, he also urges caution, as Bitcoin still has an open CME gap of $9,600. Nevertheless, he expects the price to continue to rise over the coming weekend.
Could it be this easy? 🧐
— Byzantine General (@ByzGeneral) September 17, 2020
“BigCheds” describes in a new video update that Bitcoin has targeted the $11,000 mark and was initially rejected. However, this new resistance is comparatively “young”, so he expects BTC to overcome this resistance in the near future and move towards the $14,000 mark. He cites a time horizon of several months for this.
Trader “SalsaTekila” is also bullish for Bitcoin and will maintain his positions. The next support from BTC is along the $10,590 mark and should hold in case of an emergency, should a major correction follow. For the weekend, he also expects the Bitcoin price to continue its upward trend.
— SalsaTekila (@SalsaTekila) September 17, 2020
Tether market capitalization increases by 3 billion USDT in one month
As Crypto News Flash has already reported, Tether has long been suspected of being able to influence Bitcoin prices. According to a new update, more than 3 billion USDT have been printed in the last 4 weeks. Since then, the Bitcoin price has dropped from $11,960 to $10,970.
Tether has just surpassed a $15 billion market capitalization! 🎉
In only one month, Tether’s market cap has increased by more than $3 billion, maintaining its number one spot as the most liquid, stable and trusted currency! pic.twitter.com/MLOWkiIDvF
— Tether (@Tether_to) September 17, 2020
The two major stock exchanges Binance and Bitfinex continue to hold the largest share of the tether supply with almost 2 billion USDT, as a chart from flipsidecrypto.com shows. According to the tether transparency report, the amount of USDT on Ethereum is just under $10 billion, $4.2 billion is on TRON and $1.3 billion on Omni.
Meanwhile, members of the community continue to demand a third party audit to verify that all USDT is indeed deposited in USD in a bank account through a corresponding reserve in US dollar. The truth could soon come to light in the still open trial of the New York State Attorney General’s Office.
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