Bitcoin (BTC) Price Analysis: BTC/USD Is Within a Bearish Formation

At press time, traders can consider aligning with the trend. This means shorting on every attempt higher, ideally within the $57,000 and $58,000 zone.

Bitcoin price remained under pressure on September 5, slipping below the lows of July 2024. At this rate, there is no discounting the possibility of the world’s most valuable coin retesting August lows in a continuation of the bear trend pattern. Several aspects support this bearish outlook.

First, the coin is in a bear breakout following losses earlier this week. Second, despite the rejection of lower prices on September 4, the continuation of the sell-off on Monday means sellers are strong. All the same, with traders optimistic, a return above $60,000 would be a timely shot in the arm.

The failure of bulls to step in means the downtrend continues. Coin trackers highlight the weakness, at least judging by the performance. Bitcoin price is down 1% in 24 hours, pushing weekly losses to over 4%. At the same time, the sell-off had decent trading volume, averaging nearly $30 billion at the last check.

Bitcoin price is up from August lows but remains within a bear trend continuation pattern.

Traders are watching the following trending Bitcoin news:

Bitcoin Price Analysis

BTC/USD is in a bearish formation, judging by the setup in the daily chart.

At press time, traders could consider aligning with the trend.

This means shorting on any attempt higher, preferably within the $57,000 and $58,000 zone.

The first target would be $49,000.

However, if sellers are dominant, the coin may drop further, retesting $45,000.

All the same, the outlook will change dramatically assuming Bitcoin picks up momentum, racing above $60,000.

In that case, BTC may find the much needed support for another uptick to $66,000.

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