Fractal ID

Bitcoin

Rekt

<div class="coinjournal"> 
 <ul> 
 <li dir="ltr">Bitcoin rose to highs above $26,800 on Thursday, before profit taking pushed kicked in to see it trade lower.</li> 
 <li dir="ltr">An analyst says price below the 200-week MA represents buying opportunity.</li> 
 <li dir="ltr">Meanwhile, address activity remains high, with 1.1 million BTC send or received daily.</li> 
 </ul> 
 Bitcoin spiked above$26,800 overnight Thursday as bulls bounced to hit its highest level since the decline to below $25k on Monday.&nbsp; 
 <h2 dir="ltr" id="traders-eye-profits-after-btc-bounce">Traders eye profits after BTC bounce&nbsp;</h2> 
 With Friday looking likely to see a fourth consecutive green candle, the push to above $26,849 illustrated bulls’ resilience in a historically tough September. 
 However, the rise in profit ratio over the past three days has also seen BTC face a spike in profit taking deals. On-chain data shared via a chart by market intelligence platform Santiment shows that traders took advantage of the upside bounce to pinch small profits. 
 Per the data, Thursday saw the highest ratio of <a rel="dofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> vs. loss <a rel="dofollow" title="taking" href="https://thebittimes.com/tag/taking.html">taking</a> in two months. Even then, address activity remained elevated to sit at 5-month highs, with an average of 1.1 million Bitcoin addresses either sending or receiving <a rel="dofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> daily. According to Santiment, Bitcoin’s address activity hovered at its highest level since April. 
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 📈 #Bitcoin has continued to see 5-month high levels of unique address activity, with an average of 1.1M $<a rel="dofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> addresses sending and receiving coins per day. The +5% <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> rise over the past 3 days has also caused <a rel="dofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> <a rel="dofollow" title="taking" href="https://thebittimes.com/tag/taking.html">taking</a> to hit a <a rel="dofollow" title="2-month" href="https://thebittimes.com/tag/2-month.html">2-month</a> high today. https://t.co/GiGGABXv0s pic.twitter.com/f9PaTXjaut 
 — Santiment (@santimentfeed) September 15, 2023
 </blockquote> 
 
 <h2 dir="ltr" id="what-next-for-btc">What next for BTC?</h2> 
 Bitcoin’s +5% rebound over the past three days represents the first streak of gains since the sharp spike on 29 August. Bullish flip above $26k could be a great signal for bulls. However, the market remains largely constrained and volatility is likely to be on the downside as traders hunt for profit taking moves. 
 BTC is also below its 200-week moving average, the same region that constrained prices for months but as crypto analyst Rekt Capital says, the region has previously “represented a bargain-buying territory.” Bitcoin is once again in this region. 
 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 #BTC 
 Even if there's a Bearish Bitcoin Fractal forming… 
 It may enable one of the last Pre-Halving bargain-buying opportunities in preparation for the Post-Halving parabola$<a rel="dofollow" title="BTC" href="https://thebittimes.com/tag/btc.html">BTC</a> #Crypto #Bitcoin pic.twitter.com/Ldpb4B0izQ 
 — Rekt Capital (@rektcapital) September 15, 2023
 </blockquote> 
 
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-rebound-sends-profit-taking-deals-to-2-month-high-tbt62854.html">https://thebittimes.com/bitcoin-price-rebound-sends-profit-taking-deals-to-2-month-high-tbt62854.html</a>

Bitcoin price rebound sends profit taking deals to 2-month high

Table of Contents

TheBitTimes

Other articles published on Sep 15, 2023

Dogecoin Creator Calls DOGE Dead Community

‘Textbook’ is displayed in the BTC price. As Bitcoin bulls defend $25K, Wyckoff moves

Ethereum’s transition to Proof-of-Stake: A year in review

Axie Infinity (AXIE) Sees Short Squeeze After Recent Downtrend – Here’re the Crucial Levels to Watch

Wall Street's Shift from Bitcoin to XRP Sparks Crypto Controversy

Base Network Surges: Daily Transactions Skyrocket, Active Addresses Impress

Join our free newsletter for daily crypto updates!