Bitcoin price trades at $64.4K after losing 1.96% in the last 24 hours.
BTC continued to stay in the greed zone in the market.
Bitcoin (BTC) has been through several hurdles over the past month. BTC recently surpassed the $65,000 resistance mark, drawing attention within the crypto market. However, the upward momentum was short-lived as the price dipped to previous lows.
The asset opened September by trading at $59K; as days progressed, BTC has fallen to $52,827. Current price movement indicates that Bitcoin may be on the verge of a price correction. Over the last 24 hours, the BTC price recorded a 1.96% loss. The lowest and highest price it hit was noted at $64,219 and $66,069, respectively.
At press time, BTC traded at $64,453, with its daily trading volume increasing over 35.10% to $19.92 billion, as per CMC data. Consequently, BTC continues to stay in the greed zone as the Fear and Greed Index stays at 61.
On the other hand, Santiment data recently revealed that there are 1.8 bullish posts for every 1 bearish post about BTC, indicating high optimism. However, market tend to move against the crowd’s expectations, which could delay a new all-time high for Bitcoin.
What’s Ahead For Bitcoin?
BTC has shown brief recovery momentum over the past week, with a spike of 0.21%. The asset traded within the $63K-66K range and gradually slipped down. The downside pressure of BTC continues, and the asset is struggling to climb up.
While the BTC price is expected to bounce back, the asset might attempt to reach $65,825, if it could encounter the bears. If the price drops further below $64K, it will likely test the nearby support at the $63,401 zone.
BTC price chart (Source: TradingView)
Looking ahead at the technical indicators, Bitcoin’s price momentum stays in the neutral market sentiment, as the daily relative strength index (RSI) stands at 41.74. Notably, the short-term 50-day and long-term 200-day MA are found at $64,472 and $60,057, respectively.
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