Bitcoin Price Analysis BTC/USD is down when writing. Technically, the coin is within a sideways chop and accumulating.
Bitcoin is trading down at press time. The coin has been forming lower lows in the past few trading days, increasing the chance of the coin sinking. However, confidence remains high, and as long as $60,000 stands, the path of least resistance will be northwards.
The September bar guides. This is not to discount the possibility of the coin plunging if there is no decisive close above $64,000. This formation will align with last week’s losses and may set a wave of selling in motion, pushing the coin to August lows.
Bitcoin Price Analysis
BTC/USD is down at press time. Technically, the coin is within a sideways chop and accumulating. The local support and resistance is at $64,000 and $60,000. A close above October 1, reversing early this month’s losses, will easily lift Bitcoin to September highs.
However, considering the sell-off of last week, there is a high probability of BTC extending losses. A break below $60,000, preferably with rising volume, can trigger a sell-off to August lows at around $49,000.
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