Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing at $46,700 on Bitstamp after dropping $2,000 in hours. Part of a multi-day range bound construction, the dip resulted in a push towards $48,000, with bulls still unable to gather momentum for an attack on $50,000. For popular trader Crypto Ed, $48,200 was the level to watch for continuation upward. “Showing some tricky moves, retest failed overnight with that dump,” he commented on the hourly chart.
The mood among analysts broadly stayed optimistic on the day despite price action lagging any noticeable improvement in market activity. El Salvador, who’s been on the headline for adopting Bitcoin as legal tender, has some new developments today. On Sept 7, Bukele will introduce the much-debated Bitcoin Law in the country. Hundreds of protesters took to the streets of El Salvador to raise their voices against President Nayib Bukele's decision to make Bitcoin legal tender.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.