Bitcoin (BTC) Price Analysis

BTC/USD is in a bearish formation, looking at the daily chart. The retracement from this week's highs is a concern for buyers.

Bitcoin is trading sideways as we look at the performance in the daily chart. Even though the march from early this week was impressive, what’s needed for trend definition is a conclusive, high volume close above $58,000. The leg up would also mean the total reversal of September 7 losses. Before then, conservative traders can stay on the sidelines until there is a move, either above $60,000 or below $50,000.

From the fundamental front, there is little movement, though inflows to spot ETFs continue to build up momentum. At press time, the world’s most valuable coin is flat. Technically, the downtrend remains from a top-down preview. From the look of things, Bitcoin bulls need to reassert themselves. Any surge will draw back buyers. In turn, it will move dials, pushing engagement higher, above the $36 billion of the past day.

The following Bitcoin news events dominate headlines:

Bitcoin Price Analysis

BTC/USD is in a bearish formation, looking at the daily chart.

The retracement from this week’s highs is a concern for buyers.

Accordingly, aggressive traders can consider shorts below $58,000 and as long as prices are inside the September 7 bear bar.

For this preview to shift, Bitcoin must clear $60,000 with rising volume, confirming bulls of early this week.

If not, and bears double down, conservative traders can consider shorts once there is a high-volume breakout below $50,000.