Traders believe that Bitcoin’s bullish bias can only be confirmed if the close is above $44K

To see bullish continuation, Bitcoin must flip $43,600 to support. On-chain data signals that BTC accumulation is continuing to grow. Uncertainty has returned to the market following China’s ongoing crackdown against the crypto sector. Bitcoin (BTC), traders are still facing resistance at $43,000. Many altcoins that had made gains in the morning session are also falling into the red. Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by bulls to push the price of BTC above $44,000 was met by firm resistance but the current back in forth appears to be nothing more than consolidation.BTC/USDT 4-hour chart. Source: TradingViewHere is a look at what analysts and crypto traders have to say about recent price movements for Bitcoin. Also, what to watch out for as the market closes for September. Bitcoin must regain support at $43,600. This is according to Rekt Capital, a pseudonymous Twitter user. He posted the following tweet showing that Bitcoin closed below a major demand area. #BTC performs a Weekly Close below the major orange demand areaAs is always the case after a Weekly Close below a support, there is a risk that this area flips into resistance on a relief rally$BTC needs to reclaim ~$43600 as support for bullish bias#Crypto #Bitcoin pic.twitter.com/45Z39YZs0t– Rekt Capital (@rektcapital) September 27, 2021 As suggested in the Tweet, if Bitcoin fails to climb higher, then the $43,000 support level could flip into the new resistance level as bulls hunker down to defend against a relief rally. The trader stated that Bitcoin bulls must reclaim support at $43,600 in order for the bullish uptrend of Bitcoin to continue. Otherwise, the bearish narrative might take root. Confirmed price reversalJohn Wick, an options trader and pseudonymous Twitteruser, posted this chart showing the current 4-hour setup of Bitcoin. BTC/USD 4-hour chart. Source: Twitter Source: Twitter. Wick claims that the recent action has confirmed the bottom of the BTC price and also confirmed a price reversal. This suggests that it may be a good time to open a long trade. Wick stated that he has half of his long swing position on this setup. Wick stated that he had half of his long swing position on this setup. pic.twitter.com/F4tdZAoh3I– Bitcoin Archive (@BTC_Archive) September 27, 2021 As seen in the above tweet from Bitcoin Archive, the supply of Bitcoin held on exchanges has fallen for the majority of the past two years as holders continue to buy on the market and withdraw to their privately controlled wallets. This shows that the market is still in a period for accumulation. Bitcoin Archive stated that this trend does not seem to be slowing down in the near future. This could put positive pressure on BTC’s price as its circulating supply shrinks. The total cryptocurrency market cap is now at $1.919 trillion. Bitcoin’s dominance rate of 42.4%. You should do your own research before making any investment or trading decision.

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