After recording a down month of August, Bitcoin continues its bearish momentum at the beginning of September. Let's analyze together the future prospects of the BTC price.
Bitcoin (BTC) Price Status
After hitting a high of $65,000, Bitcoin unfortunately failed to continue its upward movement that began at $49,000. Indeed, Bitcoin suffered a decline to the support of $57,700. It then consolidated at this price level before finally giving in and continuing its bearish momentum, reaching a new low around $52,600. It is from this price level that BTC has attracted buying interest, which seems to have benefited from support this Monday, September 9.
Indeed, at the time of writing, Bitcoin is trading around $56,600. Interestingly, Bitcoin has attracted buying interest after slightly consolidating around the $54,000-$55,000 support noted in the September 3 analysis. While this may be encouraging, it should be noted that this increase can be considered a correction, as the crypto’s short-term trend is still being revised downward. As for the medium-long term trend, it is observed that it continues to be challenged as Bitcoin moves below its 50-day and 200-day moving averages. In addition, it is also below its notable value areas located above its price. Regarding BTC’s momentum, it is observed that it has undergone a subtle rebound, as evidenced by its oscillators as well as its price itself.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.
Zoom on derivatives (BTCUSDT)
While all indicators were in the red, the rise of Bitcoin showed divergent signals. Indeed, we can observe that the open interest of BTC perpetual contracts has been revised upwards, as has its underlying. This demonstrates a growing interest from speculators. Given the CVD also on the rise, we can deduce that this interest was driven by buyers. That said, it should be noted that selling pressure still seems to be present, with funding rates being negative. On the liquidation side, we note that crossing $55,000 triggered notable short liquidations, exceeding $21 million. This shows a certain capitulation of the selling force on Bitcoin.
The liquidation heatmap for the past three months indicates that BTC/USDT has reached the subtle liquidation zone around $54,500. It seems that the cryptocurrency has attracted buying interest after reaching this level, which has subsequently led to a bullish reaction. Currently, the notable liquidation zones are mainly located above the current Bitcoin price. One can note the area between $59,000 and $60,000. Just above this, there is a subtle zone, but the most significant ones are located around $65,000 to $67,000, and higher up, above $70,000. If the market approaches these levels, we could see a massive triggering of orders, potentially increasing the volatility of the cryptocurrency. Therefore, these areas represent major points of interest for investors.
Bitcoin (BTC) Price Hypotheses
- If the Bitcoin price holds above $53,600, we could anticipate a reach of $58,500, or even $59,000. The next resistance to consider would then be around $60,000. If the bullish movement continues, we could envisage a progression up to $65,000, which would represent an increase of close to 15%.
- On the other hand, if Bitcoin fails to hold above $53,600, we could see a return to $52,600. The next support to watch, in case of a continuation of the bearish movement, would be around $49,200. Further down, we note the support at $48,300, which would represent a drop of around 14%.
Despite a recent rebound, Bitcoin remains under pressure and is struggling to regain solid upward momentum. The short-term trend remains bearish, while the medium-long term trend remains uncertain. Although signs of recovery are present, the overall situation remains fragile. It will therefore be essential to closely monitor the price reaction to key levels to validate or revise current forecasts. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also change rapidly depending on other more fundamental factors.
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