As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations. September may be off to a bearish start, but it’s nothing new to me. I remember when BTC was trading at pennies, and now here we are, watching it dip from $60k.
September has started bearish for most of the coins, according to CoinMarketCap.
BTC/USD
Bitcoin’s price has dipped by 2.04% compared to what it was yesterday. Over the past seven days, its value has decreased by a substantial 9.31%.
As I analyze the hourly chart, it appears that the Bitcoin price is inching towards the nearby support level at approximately $57,728. Should the daily closing price hover around this figure, a retest of the $57,000 region seems imminent for me as a researcher.
Over the long term, the outlook remains pessimistic as well. Should we see a breach of the $57,750 mark, there could potentially be sufficient momentum for prices to rise towards the $56,000 – $57,000 zone.
Looking at the mid-point of the week, it’s advisable for traders to pay close attention to how the weekly candlestick ends. If the week’s candle closes below $58,000, there’s a significant possibility that a correction may continue over the next few days.
Bitcoin is trading at $58,047 at press time.
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2024-09-01 18:42