On 8 September 2023, Bitcoin (BTC/USD) showcased a bearish trend during the early Asian trading hours. The cryptocurrency reached a high of 26025.78, reflecting another dip due to selling pressures near the 30222 mark.
Bitcoin’s price dropped to 25358 before witnessing a slight recovery, hovering just above the 25307.37 mark. This area was significant as it was where short positions were recently closed. Market experts predict another dip towards the 25128.94 region, which is associated with selling pressures around the 30421.29 mark.
Technical indicators suggest that if Bitcoin breaks below the 25462.40 mark, it could face increased bearish momentum. This level is linked to substantial selling activities near the 28184.89 region. Key support levels are identified at 24440.41, 23270.10, and 22769.39, while resistance is expected around 31986.16, 32989.19, and 34658.69.
Traders have noted that the 50-bar MA (4-hourly) is indicating a bearish trend below the 200-bar MA (4-hourly) but remains above the 100-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is bearish, positioned below both the 100-bar MA (hourly) and the 200-bar MA (hourly).
On the 4-hourly chart, the SlowK is below the SlowD, suggesting a bearish trend, while the MACD is above the MACDAverage, indicating a bullish trend. The 60-minute chart paints a similar picture with the SlowK below the SlowD and the MACD below the MACDAverage.
This technical analysis is provided by a third party and is for informational purposes only. It does not represent the views of Bitcoin Press UK and should not be considered as financial or investment advice.