Bitcoin price is witnessing a tough tussle between bulls & bears near $46,000

Bitcoin price struggles between the bulls and the bears as it hovers near the 200-day simple moving average. This is seen as an important level by institutional investors trying to decide whether an asset is bullish or bearish. At the time of writing, BTC is changing hands at $45,235, recorded a 12% drop in the last seven days.

bitcoin-price-is-witnessing-a-tough-tussle-between-bulls-bears-near-46000[1]

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price battles for $46,000

The formation of a golden cross in Bitcoin is also an indicator to watch. If this bullish setup completes, it will signal a trend in favor of the bulls. Fundamentally, as AZCoin News reported, BTC hit another major milestone as miners generated the 700,000th block on September 11th. Bitcoin was trading close to $8,000 as it reached the 600,000th block on October 18, 2019.

“Every day that goes by and Bitcoin hasn’t collapsed due to legal or technical problems, that brings new information to the market. It increases the chance of Bitcoin’s eventual success and justifies a higher price”, Hal Finney, one of Bitcoin’s earliest pioneers, tweeted.

Meanwhile, according to Glassnode, the relative supply held by LTH and STH tells us an exciting story about Bitcoin:

  1. Over 16.8% of the BTC supply was spent in the last five months and returned to profit at the recent $52,800 high.
  2. Long-term holders now own 79.5% of the $BTC supply, equivalent to October 2020.

This suggests that many coins changed hands during the recent consolidation in the $29,000 to $40,000 range. It also indicates BTC purchased in Q1 to Q2 2021 remain tightly held, with investors unshaken by a more than 50% drawdown. However, some of these coins are likely held by GBTC and custodians.

bitcoin-price-is-witnessing-a-tough-tussle-between-bulls-bears-near-46000

Source: Glassnode

Glassnode research cannot support BTC well as the leading cryptocurrency seems to be in trouble at $46,000. BTC/USD suffered a strong rejection after hitting a local high of $46,280 on Bitstamp. The move continued into the various weekend in which the pair failed to recover from Friday’s sell-off.

Bitcoin’s overall crypto market dominance continued to decline over the weekend, which could prove to be a boon for altcoin performance.

Most of today’s altcoin market is green. Signs of life appeared with Polkadot (DOT) leading the top 10 with an 18% daily gain. The largest altcoin, ETH, is up to 3.2% at $3,425, though still down 13% from where it was at the end of last week. The overall cryptocurrency market cap now stands at $2.078 trillion. Bitcoin Dominance is at 41%

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