On Tuesday, September 1st, BTC price finally showed some growth after several days of a rather feeble trading. Bitcoin is generally trading at $11825 USD.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On D1, the technical picture of BTC/USD hardly changes: after a pullback, the pair keeps developing an uptrend. The aim of the BTC growth is the resistance level at $12700 USD. The MACD histogram is in the positive area, which increases the chance for further development of the ascending impulse after the correction. The signal lines of the indicator are growing and preparing a Black Cross, which may signal a minor correction before the price resumes growing.
On H4, the perspectives of BTC/USD are almost the same – the pair keeps developing the uptrend. The Stochastic has formed a Golden Cross in the oversold area, further supporting the growth of the quotations.
According to Glassnode, the amount of BTC in users’ wallets renewed the two-years high. This index has been growing for a year, and for now, miners own some 1.82 million BTC.
Since a year ago, the index has grown by 2% and is likely to go on growing. Observers say that the growth of the amount of the leading cryptocurrency in wallets might indicate the market readiness for the growth of the BTC.
As a confirmation of future growth, they note the opportunity to produce mining equipment of a new generation on Chinese plants. This is important because during the pandemics in spring production was put on a halt. If production reaches the desired levels, by the next spring the hashrate will have risen to 200 EH/s.
We know that the higher the hashrate, the harder it is to mine the cryptocurrency. This, in turn, indicates a decrease in the real supply of the leading cryptocurrency, which, in the end, may provoke an increase in its price.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.