Bitcoin Bearish Move: Indicators Suggest Next Stop Could Be $53,541
September 04 2024 - 1:00PM
NEWSBTC
Bitcoin faces mounting pressure as crucial indicators signal a
potential drop to the $53,541 mark. With sellers gaining momentum
and technical charts flashing red, the cryptocurrency is struggling
to find a foothold in a volatile market. Traders are watching
closely to see if the bearish trend will continue or if a reversal
is on the horizon as BTC hovers near critical support levels. The
next few days could be crucial in determining Bitcoin’s short-term
trajectory. As Bitcoin faces increasing selling pressure, this
article explores the recent bearish signals affecting its price
movement, analyzing key technical indicators that suggest a
potential drop to $53,541. By examining the critical support levels
to watch, insights into whether BTC will find stability or continue
its slide will be provided. As of the time of writing, Bitcoin was
trading at approximately $56,691, reflecting a 4.04% decline with a
market capitalization exceeding $1 trillion and a trading volume
surpassing $31 billion. Over the past 24 hours, BTC’s market cap
has dropped by 3.96%, while trading volume has surged by 22.55%.
Analyzing BTC’s Recent Price Action And Key Indicators On the
4-hour chart, Bitcoin has displayed strong bearish momentum below
the 100-day Simple Moving Average (SMA) following its failure to
break above the $60,152 mark. The price is now attempting to fall
toward the $53,541 mark. If the cryptocurrency successfully
breaches this key level, it could begin a more pronounced
downtrend, potentially driving the price down to other crucial
support levels. Additionally, on the 4-hour chart, the Relative
Strength Index (RSI) has slipped below the 50% mark, currently
resting at 32%. This decline highlights growing bearish momentum
and suggests that selling pressure could intensify. On the daily
chart, BTC is showing significant negative movement below the
100-day SMA by printing two bearish momentum candlesticks. This
downbeat surge reflects strong selling pressure and negative market
sentiment, increasing the likelihood of BTC reaching the $53,541
mark soon. Finally, the 1-day RSI shows that bearish pressure on
BTC is intensifying. The signal line has recently dropped below
50%, now resting at 39%, which also signals growing selling
pressure and a pessimistic sentiment for the digital asset.
Investor Outlook: Preparing For Bitcoin Potential Downside
With bearish pressure mounting and key indicators pointing to
further declines, Bitcoin appears poised to drop to the $53,541
mark. Should the cryptocurrency breach this level, it could signal
a more significant pessimistic move, potentially driving the price
down to the next support at $50,604 and beyond. However, if Bitcoin
hits the $53,541 support level and the bulls manage to stage a
comeback, the price could start moving upward toward the $60,152
resistance mark. A successful breach of this resistance might lead
BTC to test its all-time high of $73,811, with the potential to set
a new record if it surpasses this level. Featured image from
iStock, chart from Tradingview.com
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