Bitcoin’s Key Support Levels Under Pressure as September Begins
Share:
Predictions Markets
See what traders are focused on
- Bitcoin faces bearish signals after losing $62K, with key support at $56K-$64K being tested.
- Market cautious as Bitcoin’s technicals weaken, caught between liquidity and economic pressures.
- Bitcoin’s RSI and MACD indicate declining momentum, with no imminent upside push.
Bitcoin (BTC) is experiencing a volatile technical landscape as September begins. The cryptocurrency recently dropped below a crucial $62,000 monthly close, and the weekly chart now reveals a bearish collapse pattern.
An analyst, Architect, noted that while technical indicators were not overtly positive, the situation may not be dire. Large buyers could still emerge this month, potentially preventing a steeper downturn. However, the technical backdrop doesn’t suggest any imminent upward price movement, keeping the market cautious.
The $BTC monthly first gave up a $62k close and now the weekly is dropping a bearish engulfing.
— Architect
Best case scenario for Sept is rangebound with a retest of lows. We probably have large buyers show up this month, so all is not lost, but no one is going to be in a hurry with these… https://t.co/N199W5H4Bw(@Architect9000) September 1, 2024
The broad…
The post Bitcoin’s Key Support Levels Under Pressure as September Begins appeared first on Coin Edition.
In This News
Coins
$ 63.03K
+0.09%
$ 1.88K
+0.35%
$ 0.00472
-4.14%
$ 0.00...361
$ 0.000207
Funds
Predictions Markets
See what traders are focused on
Share:
In This News
Coins
$ 63.03K
+0.09%$ 1.88K
+0.35%$ 0.00472
-4.14%$ 0.00...361
$ 0.000207
Funds
Predictions Markets
See what traders are focused on
Share:
Read More
Bitdeer Sells All 253.4 BTC Mined This Week, Continuing Zero-Treasury Policy
