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

Elon Musk Is Back on Twitter and This Time He's Here to Stay

Milena

Elon Musk Is Back on Twitter and This Time He’s Here to Stay

The billionaire is now the new owner of the microblogging platform. He instantly fired the CEO, CFO, and content director. Let’s see what we will have next.

Companies
European Markets Fall As Moderna Boss Says Vaccine Less Effective Against Omicron
European Markets Fall As Moderna Boss Says Vaccine Less Effective Against Omicron

European stocks tumbled in negative territory on Tuesday, canceling small gains earlier in the week, as increased concerns over the Omicron coronavirus strain could undermine the economic recovery.

Companies
Get the ultimate solution: B2BinPay Get the ultimate solution: B2BinPay
Sponsored
Oliver

How to Use MT5 to Trade Cryptocurrency
Modern financial market research methods involve investing in financial assets (in particular, forming a securities/assets portfolio), which is carried out based on thorough analysis. At the moment, it's possible to find many valuable tools for traders, which in one way or another, facilitate the process of trading or preparing a setting for this trade.

discover
What Is a Gamma Squeeze?

Alexander

What Is a Gamma Squeeze, and How to Trade It?

In this article, we will explore what gamma squeeze is, describe how it happens and discuss some real-life examples.

Trading
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

    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

    Constantine

    Best Copy Trading Software in 2025

    Best Copy Trading Software in 2025

    Alex

    What Is an AI Agent? The Future of Finance Explained

    AI Agent Explained

    Constantine

    How to Start a Liquidity Provider Business?

    How to Start a Liquidity Provider Business

    Constantine

    How to Start a White Label Brokerage?

    How to start a white label brokerage

    Constantine

    How to Start a Multi-Asset Brokerage?

    How to Start a Multi-Asset Brokerage

    Hazem

    Crypto Ransomware – How They Happen and How to Avoid Them

    Crypto ransomware explained

    Constantine

    Best Web3 Browsers in 2025

    Best Web3 Browsers

    Constantine

    Best DAO Projects in 2025

    Best DAO projects in 2025

    Alexander

    Crypto Nodes That Pay: Your 2025 Guide to Top Passive Income Opportunities in Crypto

    crypto nodes that pay

    Alex

    Pi Network: Scam or Groundbreaking Crypto? The Full Analysis

    Pi Network Explained

    Constantine

    Triple Net Lease: Meaning, Benefits, and Strategies Explained

    Triple Net Lease

    Constantine

    Hanging Man Pattern: How to Identify and Trade It Effectively

    Hanging Man Pattern

    Alex

    5 Infinite Banking Mistakes That Could Cost You Thousands

    Infinite Banking Mistakes to Avoid

    Aleksander

    Solana Firedancer: Solving Solana’s Biggest Problems with a New Engine

    Solana Firedancer explained

    Alexander

    What Is an Interest Coverage Ratio? How to Use This Financial Metric to Evaluate Company Health

    Interest Coverage Ratio Explained

    Hazem

    After-Hours Trading: Can You Trade After Financial Markets Close?

    After-Hours Trading Explained

    Alexander

    How to Scale a Crypto Exchange Business and Stay Competitive

    how to scale crypto exchange business

    Constantine

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Crypto CrypticStreet Review: The Future of DeFi and Secure Crypto Trading

    Alexander

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Bitcoin Power Law Explained: How It Shapes BTC’s Long-Term Growth

    Hazem

    Megaphone Pattern​: What Is It? How to Use It In Trading

    Megaphone Pattern​: How to Read & Trade with It

    Constantine

    Top 5 Liquidity Bridge Providers in DeFi

    Top 5 Liquidity Bridge Providers in DeFi
    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.