Bitcoin Price Drops to $46,700 Despite Record Accumulation and Supply Shock

Aug 31, 2021

Bitcoin Price Drops to $46,700 Despite Record Accumulation and Supply Shock

On August 31, Bitcoin hit new local lows as the market's sluggish price movement deviated even more from bullish sentiment.

Bitcoin completely avoids a bullish continuation

BTC/USD reversed at $46,700 on Bitstamp after losing $2,000 in hours, according to data from Cointelegraph Markets Pro and TradingView.

The drop, which was part of a multi-day rangebound build, culminated in a push near $48,000, with bulls still failing to gain traction for a move towards $50,000.

Crypto Ed, a well-known trader, said $48,200 was the mark to monitor for further gains.

“Retest failed overnight with that dump, displaying some difficult moves,” he wrote on the hourly chart.

“Right now, I'm working on a Bart pattern. We're still on the same page: recover that first horizontal, and we'll be fine.”

BTC

Annotated 1-hour candlestick chart of BTC/USDT (Binance). Source: Crypto Ed/ Twitter

The mood among analysts remained generally upbeat on the day, despite the fact that price action lagged behind the marked improvement in market activity.

Some noted notable accumulation at current levels, while intra-chain indicators such as illiquid supply were also a topic of discussion.

"This wave of bitcoin supply shock has the most momentum of any in recent history," said William Clemente, Blockware's lead analyst.

"We're going to go much higher in the coming months."

BTC

Bitcoin illiquid supply relative strength index vs. BTC/USD chart. Source: William Clemente/ Twitter

Ethereum on the move

As for altcoins, Solana and Polkadot stood out in the top ten cryptocurrencies by market capitalization.

SOL/USD continued to reach new highs, gaining 19% on the day and approaching the $120 mark, while DOT/USD added 9.2%.

Ethereum was also on the move, up 5% at the time of writing and surpassing $3,350 in what Cointelegraph author Michael van de Poppe called a "bullish" market.

"Ethereum is bouncing off support, as is the $BTC pair. It's looking good," he added.

BTC

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Subscribe Our Newsletter

Natural Gas Has Seen Big Price Swings. Why Investors Should Buckle Up
Natural Gas Has Seen Big Price Swings. Why Investors Should Buckle Up

Natural-gas futures hit their best one-day percentage gain on record on January 27, with the February contract rising 46.5 percent on its expiry day to $6.265 per million British thermal units, the highest level since October of last year.

Banks and Finance
Why Web3 Gaming Could Revitalize NFTs in 2025

Anna

Why Web3 Gaming Could Revitalize NFTs in 2025

The integration of Web3 gaming and NFTs is a game-changer. This pairing has the potential to breathe new life into the NFT market, creating value for players and developers alike.

NFT
B2BROKER Liquidity B2BROKER Liquidity
Sponsored
Constantine

The Nature of Core Liquidity Providers: Who Are They and What is Their Feature?
Get an idea of core liquidity providers, their features, types, and main functions in trading markets.

discover
What is Decentralized Finance?

Liquidity Provider

What is Decentralized Finance?

Let's find out what is DeFi, what are the categories of DeFi projects, Are DeFi projects liquid and the working principle of DeFi liquidity pools.

DeFi
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Сonstantine

    How to Get a Crypto Exchange License?

    How to Get Crypto Exchange License

    Сonstantine

    Best Crypto to Buy Now: Guide for Investors

    Best Crypto To Buy Now

    Hazem

    Grok vs ChatGPT: What’s the Best AI Assistant You Need in 2025

    Grok vs ChatGPT

    Сonstantine

    How to Choose the Right Liquidity Provider for Your Brokerage

    How to Choose the Right Liquidity Provider for Your Brokerage

    Сonstantine

    Low-Latency Trading Defined: Speed, Strategy and Technology

    Low-Latency Trading Explained

    Hazem

    How Liquidity Depth Affects Slippage in High-Volume Trading

    Liquidity depth and slippage in trading

    Hazem

    What is FIX API Liquidity Connection and How Does it Power Institutional Trading?

    FIX API in institutional trading

    Сonstantine

    OTC Trading Strategies and Technologies to Succeed in Over-the-Counter Markets

    OTC Trading Strategies

    Alexander

    What is OTC Trading? A Complete Guide for 2025

    what is OTC

    Alexander

    Synthetic Futures: A Trader’s Guide to Replicating Positions with Options

    How to Trade Synthetic Futures

    Сonstantine

    Order Book Depth: What It Is And Why It Matters?

    Order Book Depth What It is And Why It Matters

    Alexander

    Spot vs Perpetual Futures: Which Is Right for You?

    Spot vs Perpetual Futures explained

    Hazem

    5 Reasons Traders Are Switching to Perpetual Futures

    5 Reasons to Switch to Perpetual Futures

    Constantine

    Top 3 Liquidity Challenges Facing New Exchanges and How to Solve Them

    Top 3 Liquidity Challenges Facing New Exchanges Today

    Constantine

    Financial Planning in the Cryptocurrency Era — Master Crypto and Digital Asset Strategies

    Financial Planning in the Cryptocurrency Era

    Hazem

    Best Platforms to Trade Perpetual Futures in 2025

    Best platforms to trade perpetual futures in 2025

    Alex

    Top 10 Fintech Website Development Agencies for 2025

    Best Fintech Website Development Agencies for 2025

    Сonstantine

    Internal vs External Range Liquidity In ICT Trading Explained

    Internal vs External Range Liquidity In ICT Trading

    Constantine

    Portfolio Backtesting — Tools, Metrics, and Methods Explained

    Portfolio Backtesting

    Сonstantine

    ICT Trading Explained: Smart Money Concepts, Tools and Setups

    ICT Trading Explained

    Сonstantine

    CFD Trading Strategies: A Practical Guide to Risk and Execution

    CFD Trading Strategies

    Alexander

    What is a Fair Value Gap? A Guide to Trading Market Imbalances

    What is Fair Value Gap

    Vitaliy

    Triangle Patterns in Trading: Mastering Ascending, Descending & Symmetrical Strategies for Maximum Profit

    Triangle Patterns in Trading: Ascending, Descending & Symmetrical Guide

    Alexander

    What Is COTI? Payments, Token & Price Prediction

    What is a COTI coin
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.