Bitcoin price in line for ‘impulsive bounce’ as Solana (SOL) leads altcoin surge


Bitcoin (BTC) volatility is once more overdue, and one analyst is favoring an “impulsive” transfer towards $50,000.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer: “Chill and wait” for Bitcoin breakout

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD persevering with to circle $46,000 on Thursd as an eerie calm lingered over the market. 

Tuesday noticed mass upheaval as a cascade of unwound positions sparked a huge $9,000 daily loss for Bitcoin, one thing analysts have since pinned on overleveraged merchants.

Whereas the occasion’s lows of $42,800 haven’t been retested, a breakdown isn’t off the playing cards, fashionable dealer Crypto Ed says.

“Appears to be like like a bullish pennant to me…Impulsive bounce adopted by consolidation,” he summarized alongside an up to date chart Wednesday.

“Chill and anticipate the get away. Mistaken when it breaks down.”

BTC/USD scenario. Source: Crypto Ed/Twitter

With expectations thus skewed to the upside, fellow trader and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential moving average (EMA) as a potential game-changer.

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“This is the first time that BTC is retesting the blue 50-day EMA as support, after having reclaimed it as support in late July,” he noted.

“The 50-day EMA is beneficial for understanding bullish momentum because it tends to help established uptrends.” 

BTC/USD 1-day candle chart (Bitstamp) with 50-day EMA. Supply: TradingView

Altcoins get well as Solana passes $200

Improved efficiency throughout main altcoins, in the meantime, is giving hope to the bullish short-term case for Bitcoin.

Associated: Price analysis 9/8: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH

Whereas BTC/USD has stayed broadly flat in a single day, the entire high 10 cryptocurrencies by market capitalization have posted stable positive factors of a minimum of 4%.

Ether (ETH) added 4.5% to circle $3,470 on the time of writing, whereas Cardano (ADA) recovered above $2.50.

Still outshining the pack, nevertheless, is Solana (SOL), now buying and selling above $200 on 32% positive factors in simply 24 hours.

SOL/USD 1-hour candle chart (FTX). Supply: TradingView