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Home»Analysis»Indicators suggest the next stop could be $53,541
Analysis

Indicators suggest the next stop could be $53,541

2024-09-04No Comments3 Mins Read
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This article is available in Spanish.

Bitcoin is under increasing pressure as crucial indicators point to a possible decline towards the $53,541 mark. As sellers gain momentum and technical charts flash red, the cryptocurrency is struggling to gain a foothold in a volatile market.

Traders are keeping a close eye on whether the bearish trend will continue or if a reversal is on the way horizon while BTC is hovering near critical support levels. The coming days could be crucial in determining Bitcoin’s short-term trajectory.

While Bitcoin is facing increasing sales pressurethis article examines the recent bearish signals affecting price movement, analyzing key technical indicators that point to a potential drop to $53,541. Examining the critical support levels to watch will provide insight into whether BTC will find stability or continue its decline.

At the time of writing, Bitcoin was trading at around $56,691, reflecting a decline of 4.04% with a market cap of over $1 trillion and a trading volume of over $31 billion. Over the past 24 hours, BTC’s market capitalization has fallen by 3.96%, while trading volume has increased by 22.55%.

Analysis of BTC’s recent price action and key indicators

On the 4-hour chart, Bitcoin is showing a strong bearish trend momentum below the 100-day Simple Moving Average (SMA) after failing to break above the $60,152 mark. The price is now trying to drop towards $53,541. If the cryptocurrency successfully breaches this key level, it could begin a more pronounced downtrend, potentially driving the price towards other crucial support levels.

Bitcoin
Bitcoin Takes a Plunge After Failing to Cross $60,152 Source: BTCUSDT on Tradingview.com

Furthermore, the Relative Strength Index (RSI) on the 4-hour chart has fallen below the 50% mark and is currently at 32%. This decline underlines the growth bearish momentum and suggests that selling pressure could increase.

See also  Spain orders Worldcoin (WLD) to stop collecting data after receiving several complaints

On the daily chart, BTC shows significant negative move below the 100-day SMA by pushing two bearish momentum candlesticks. This downward move reflects strong selling pressure and negative market sentiment, increasing the likelihood that BTC will reach the $53,541 mark soon.

Bitcoin
BTC forms bearish candlesticks while trending below the 100-day SMA | lies Source: BTCUSDT on Tradingview.com

Finally, the 1-day RSI shows that bearish pressure on BTC is increasing. The signal line has recently dropped below 50% and is now resting at 39%, which is the case signals growing sales pressure and pessimistic sentiment for digital assets.

Investor Outlook: Preparing for Potential Downsides of Bitcoin

With bearish pressure mounting and key indicators pointing to further declines, Bitcoin appears poised to fall towards the $53,541 mark. Should the cryptocurrency breach this level, it could signal a more significant pessimistic move, potentially pushing the price towards the next support at $50,604 and above.

However, if Bitcoin reaches the $53,541 support level and the bulls succeed in phase a comebackthe price could start to rise towards the resistance level at $60,152. A successful breach of this resistance could lead BTC to test its all-time high of $73,811, with the potential to set a new record if it surpasses this level.

Bitcoin
BTC is trading at $56,847 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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