The double-digit rallies seen from many altcoins show that traders are condign increasingly bullish with the passing of each day, but maintaining this momentum volition to some extent depend on Bitcoin's (BTC) short-term price activity.

Information from Cointelegraph Markets Pro and TradingView shows that after touching the $48,000 cost level during the early morning trading hours on Monday, the price of BTC dipped below $45,800 as bulls scrambled to put a halt to the price slide.

BTC/USDT 4-hour chart. Source: TradingView

Here's what analysts are proverb could be the next steps for Bitcoin'due south price.

Bitcoin needed to retest support after a 50% rally

Bitcoin'southward surge from $29,500 on July xx to $48,000 on Saturday has resulted in the toll settling in a trading range between $44,000 and $48,000, every bit shown in the post-obit tweet from pseudonymous Twitter analyst Nunya Bizniz.

The equilibrium signal identified in the above tweet is found virtually $46,123, and the annotator could be hinting that after BTC tests the support, buy volumes could increase because brusque-term traders could view the current pullback as zip more than a back up/resistance retest.

On the other mitt, pseudonymous trader Gas Fring suggested that a bounce at the lesser of a rise aqueduct would provoke the same result, merely it's worth noting that both analysts are using one-hour charts, so these suggestions simply refer to the possible price action outcomes of today.

BTC/USD ane-60 minutes chart. Source: Twitter

Miners are accumulating again

A recent written report from Glassnode highlighted miner accumulation as some other potentially bullish indicator for Bitcoin. The on-chain analytics provider observed "a cyberspace reduction in compulsory sell-side pressure sourced from miners."

Bitcoin miner net position change. Source: Glassnode

China's crackdown on mining operations, which began in May, has taken a heavy toll on the Bitcoin hash rate, leading miners to close upwards shop and motion to dissimilar countries with a friendlier stance toward crypto mining.

Glassnode said:

"We have seen the cyberspace remainder position of miners continue to increase over the last 2 months. The net growth of miner balances has now hitting +5k BTC/calendar month which demonstrates a net reduction in compulsory sell-side pressure sourced from miners."

Related: BTC eyes $50K breakout despite almost 'greed' since all-time highs: 5 things to watch in Bitcoin this week

A daily close in a higher place $46,500 is the adjacent hurdle

According to crypto Twitter analyst Rekt Capital, $46,500 is an of import level for BTC in the short-term.

As seen above, the price action for BTC has resulted in the formation of an ascending triangle on the daily nautical chart, and the cost needs to close in a higher place the $46,500 level in guild to confirm a successful test of the triangle resistance.

A daily close in a higher place $46,500 would back up the continuation of the uptrend, whereas an ascending triangle breakdown could see Bitcoin'due south toll slide into the depression $40,000 zone.

The overall cryptocurrency market capitalization now stands at $2.007 trillion, and Bitcoin's say-so rate is 43.v%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves chance, you should bear your own enquiry when making a decision.