27.3K Bitcoin taken off exchanges yesterday.
The 2nd highest withdrawal in almost 2 years.

More than 100,000 ETH ($300 million) has been burned following Ethereum's latest upgrade

Since Ethereum's London upgrade was implemented — introducing the EIP-1559 fee burning mechanism — the network has burned a total of 100,000 ETH, worth $300 million, in just 20 days.

BTC holding $46-$47k zone very well and bulls are trying hard. If BTC breaks down below $46k then we might see $42-$44k. BTC need to get above $49k for remain bullish scenario. Untill we get any confirmation trade safely.

Stay tuned.

Asset Managers and Companies Accumulated Worth $57 Billion Bitcoin.

Asset managers and companies have cumulatively accumulated 1.4 million BTC on their balance sheets. About 6% of Bitcoin's circulating supply which is equivalent to 816,379 BTC worth $40.1 billion are under asset managers. Grayscale Bitcoin Trust, takes up more than 3% of the Bitcoin supply, with 654,600 BTC worth $32 billion, under management. Coinshares XBT provider follows with 48,466 BTC worth $2.4 billion, representing 0.23% of supply.

BITCOIN hold our previous $46-$47k support very well and bounced from there. Right now Bitcoin trading at $48,600. It went upto $49,300 but failed to break the $50,000 mark which is a very good physiological resistance. For bullish scenario BTC must break and hold above the $50k mark. If it's not break the $50k mark then it is highly likely that we revisit $46-47k support.

Stay tuned for more updates.

Bitcoin Whales Remain Optimistic, Making Massive Purchases

•Purchases for $940 million in BTC this week indicate a bullish reversal of the cryptocurrency, despite the coin once again falling below the $50,000 mark.
•Corporations that own Bitcoin on their balance sheets represent 8% of the total circulating supply of the cryptocurrency.
•One of the companies that bought the most BTC after the price drop was MicroStrategy, which accumulated additional Bitcoin worth $177 million.
•Hedge funds predict that the price of Bitcoin will reach $ 100,000 by the end of the year.

Despite the drop below the psychological barrier of $50,000, large investors and whales added another 20,000 BTC to their accounts, indicating optimism in further rises for the asset, and bets by the big pockets on a new bullish streak.

Let's analyze BTC in daily timeframe.

BTC is doing good so far and like we said it has revisited the support level ($47800).

Could it go further down?

Well, technically we have a very strong support at $47344 because we have both 21 day MA and the lower trendline colliding with each other.
Now, we were predicting BTC to reach $52k but it failed to do so and got rejected from $50500. BTC got rejected till $46361 but once again it showed good respect to 21 MA and bounced right back.
BTC is once again testing the 21 MA and if it bounce from here then within next week, a continuous rally will lead the BTC price $50k, $52k, and $56k.

On the other hand, if BTC fails to hold the 21 MA then it may reach down to $40k level.

So, a daily close above the 21 MA is very important and if BTC closes above $50k, that will be a cherry at the top.

Stay tuned for more updates.

Bitcoin's weekly close at $48,600. One Red candle in weekly chart after 5 consecutive green candles. Still struggling to break and hold above $50k. Untill we get any close above $50k btc might retest $46-47k support level.

LAST WEEK IN CRYPTO

#1 Twitter CEO sets to build a Decentralized Bitcoin exchange.
#2 Crypto investment products total AUM records $54.8 billion.
#3 11% young Americans invested their stimulus checks in crypto
#4 Riot blockchain's quarterly Bitcoin mining revenue increased 1540%.
#5 Institutional inflows into Solana and Cardano surpasses Etherum.

The Bitcoin Network Continues to Strengthen as Hash Rate Doubles Since June🚀

As a technical trader, pattern recognition is everything and these are some great chart patterns that we should look for each time we take trade.

Save this image and try to find out these patterns in your charts. Remember back testing is the most profitable strategy in trading.

Stay tuned.

BTC UPDATE: Right now BTC held the support of $46-$47k. Also the daily 200 ma is around $46k. If this support breaks then next support will be $44-$44.5k.
Mostly the month of september is bearish for BTC historically but as per projection, BTC hit above 50K and then dropped back but once it breaks above and closes above 50k , the path to 52K/54K/57K will be cleared and alts will rally , Only need to remain with patience.

Stay tuned.

After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins. It means no one wants to sell here.

This brings total balance to just over 700k $BTC.

The last time the Coinbase Bitcoin balance was at this level was December 2017.

Are you thinking what we are thinking?

If you had followed our previous update, we clearly told you about the support levels for BTC and look how nicely it bounced from our support ($46k). We also mentioned that if BTC holds and closes above the $50k level then we may see a rally towards $52k and above.

Well, you can clearly see it in this 2 hours chart where we are heading.

In 2 hours TF, BTC formed a symmetrical triangle and look how perfectly it broke out of it and it is currently at the retest phase. BTC may possible reach $52k+ only if it holds above these triangle pattern. $46600 would be an important support for BTC.

See you guys on our next update so stay tuned.

#BTC broke above $50k!!!!

$1.5 TRILLION INVESTMENT MANAGEMENT FIRM IS HIRING A BITCOIN AND CRYPTO RESEARCH ANALYST

On Wednesday Franklin Templeton, with over $1.4 Trillion in assets under management, posted an open position for a “Research Analyst - Crypto Currency” on LinkedIn.

According to the LinkedIn post, the traditional multinational holding company, which provides investment solutions to 34 countries around the world, is seeking to employ someone to provide “research coverage” for Bitcoin.

BTC perfectly broke out and retested from the exact trendline which we drew in our previous chart.
Like we said, BTC strongly hold on to the Symmetrical triangle pattern and looks like it is possibly gearing up for $52k+ levels. So far, we are in a good hands but stills let's not forget the bearish side of the market. A break down below the upper trendline would have invalidated this chart but we saw a bounce. It is quite possible that BTC may get rejected again bur we are biased on the bullish scenario so we will stick to it keeping in mind the other half as well.

Stay tuned for more quality updates.

Bitcoin is now on the cusp of breaking $51k for the first time since May 12th, and daily active addresses hit 1.01M as support was broken. This was the first full day of addresses eclipsing 1M on the $BTC network since July 3rd.

BLOOMBERG REPORT: BITCOIN AT $100,000 IS PATH OF LEAST RESISTANCE

Bloomberg has published the September edition of its Crypto Outlook report, sharing how the company's analysts are navigating the market and measuring adoption rates as well as demand and supply dynamics. According to the report, Bitcoin is set to reach the $100,000 mark soon, a "path of least resistance," as well as establish itself as the global reserve asset.

Just three days until the first country adopts a bitcoin standard.

On Tuesday El Salvador will become the first country in the world to adopt bitcoin as legal tender, with plans to use volcanic geothermal energy to power the “mining” of the digital currency.

Bitcoin quick update:-

Bitcoin just kissed the $51,000 resistance and rejected from there. Now BTC ranging in $49,500-$50,500 zone. For bullish scenario BTC must close and hold above $51k in daily.

This is the decision area and BTC need to break and hold above $51,000 to go towards the $55,000 area.The next support for BTC is $48,500 as long as it's above $48,500 we are in uptrend.

Stay tuned for more updates.