Over the past four weeks, the BTC market has seen some pretty boring price action as the flagship crypto suffered a sharp decline at the start of September.
The BTCUSD pair has spent most of the past month stuck in a broad range between $10K and $11K. The king coin underwent multiple rejections in the $11,000 region over recent weeks. However, all hope isn’t lost for BTC’s bullish case despite the asset printing a red candle for the first time since June.
Analysts point to yesterday’s monthly close above the macro support at $10.5K to argue that BTC is actually in a bullish state. Crypto Donalt tweeted that it is growing increasingly difficult for bears to justify their positioning given the latest monthly candle close.
The close above this crucial support level provided bulls with a serious boost as they gained momentum to push BTCUSD as high as $10,920. The digital asset slowed its ascent to trade down 3% at $10,501 currently.
BTCUSD chart by TradingView
That said, the fact that BTC managed to bounce from the monthly lows around $9,800 seen a few weeks ago is bullish for the coin.
BTC On-Chain Trends Also Bullish
According to CryptoQuant, crypto analytics, and data firm, on-chain trends are also bullish for Bitcoin despite its price stalling below $11K.
The analytics firm recently shared data revealing that an overwhelming majority of long-term on-chain trends are currently printing “buy” signals for the king coin.
Moreover, Willy Woo, an on-chain analyst, added to the bullish sentiment for Bitcoin by sharing the chart below that displays data from Glassnode.com.
BTC Registers Spike in New Users | Source Glassnode.com
The blockchain analytics firm highlighted a spike in new users, prompting woo to conclude that the indicator is an “obviously bullish” divergence.
ETH Price Displays Positive Signs
The ETHUSD pair is currently down by 2.4% as per data from CoinMarketCap. The digital asset displayed positive signs above the $355 support level against the US Dollar earlier today.
The ETH price even tested the $362 resistance and formed a bullish trend line with support near $355. However, the popular altcoin faced a key hurdle near the $365 level and corrected lower to $348 during press time.
ETHUSD Chart by TradingView