Bitcoin price analysis
BTC had been in an upward trajectory as the previous week drew to a close, rising by 3.50% on Wednesday before a slight drop on Thursday as the 50-day SMA came into play, allowing sellers to push BTC down by just over 1%. However, bulls took control on Friday, with BTC registering an increase of 5.97%, pushing above the 50- and 200-day SMAs to settle at $64,032. In fact, BTC reached a day high of $65,054, but sellers pushed the price back below $65,000, a level they were expected to defend vigorously.
The weekend saw buyers and sellers struggle to take control, with BTC only managing a marginal increase on Saturday. Sunday saw buyers attempt another push towards $65,000 while sellers tried to drive the price below the 200-day SMA. However, neither could establish control, and BTC remained at $64,085. The current week began with BTC dipping below the 200-day SMA after a 1.85% drop as sellers tightened their grip on the market. As a result, BTC dropped to $62,903. Bearish sentiment intensified on Tuesday as markets crashed, with BTC dropping by 5.40% to slip below the 50 and 20-day SMAs and the $60,000 price level to $59,506. The current session sees BTC remain in the red, down by 0.50%, as sellers look to drive the price lower.
With Tuesday’s reversal, sellers have established control in the market, with any move above $64,000 ruled out for the time being. With September historically being a difficult month for BTC, it could drop further should sellers remain in control. Buyers will attempt to regroup and reclaim the $60,000 level, which is crucial to resume a push back above the moving averages and move towards $64,000. Should sellers continue to dominate, BTC could drop to the $58,000 support level.
The weekend saw buyers and sellers struggle to take control, with BTC only managing a marginal increase on Saturday. Sunday saw buyers attempt another push towards $65,000 while sellers tried to drive the price below the 200-day SMA. However, neither could establish control, and BTC remained at $64,085. The current week began with BTC dipping below the 200-day SMA after a 1.85% drop as sellers tightened their grip on the market. As a result, BTC dropped to $62,903. Bearish sentiment intensified on Tuesday as markets crashed, with BTC dropping by 5.40% to slip below the 50 and 20-day SMAs and the $60,000 price level to $59,506. The current session sees BTC remain in the red, down by 0.50%, as sellers look to drive the price lower.
With Tuesday’s reversal, sellers have established control in the market, with any move above $64,000 ruled out for the time being. With September historically being a difficult month for BTC, it could drop further should sellers remain in control. Buyers will attempt to regroup and reclaim the $60,000 level, which is crucial to resume a push back above the moving averages and move towards $64,000. Should sellers continue to dominate, BTC could drop to the $58,000 support level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.