Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?

Without consensus on its implications, the Evergrande potential default has impacted the traditional market, and Bitcoin. The first cryptocurrency by market cap started the week with a correction with risk to trend further down. At the time of writing, Bitcoin trades at $43,462 with a 9.1% and 6% loss in the daily and weekly chart, respectively. Bitcoin Holds On To Critical Support Pseudonym analyst IncomeSharks claimed that Bitcoin could be at the beginning of a correction. The analyst looked at BTC’s On Balance Volume (OBV), a metric used to measure momentum. Related Reading | Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead As seen below, Bitcoin has been moving sideways on its OBV since it moved to the upside at the end of July. This coincides with BTC breaking out from its former range, and its current price action. If Bitcoin break to the downside on its OBV, bulls could face hurdles on their attempts to reclaim previous highs. In the meantime, the $40,500 to $43,000 will operate as critical support, according to analyst Daan Crypto Trades with $50,000 still operating as major resistance. This analyst said: BTC I’m seeing $40.5-50K approximately as a big range we’re in. We initially got rejected by the upper resistance area and now came back down. The entire 40.5-43.5K area should offer good support and I doubt we’d fall below that without much of a fight. Bitcoin Indicators Favor The...