Bitcoin’s rebound off the $55,724 support on Sept. 4 did not find buyers at higher levels. The bears maintained their selling pressure and pulled the price below $55,724 on Sept. 6.
Minor support exists in the $53,500 to $54,000 range, where buyers will try to arrest the decline.
However, if the bears prevail, the BTC/USDT pair could retest the $49,000 support.
This is an essential level to keep an eye on because a break below it may start a downtrend.
Any rebound off the current level is likely to face strong selling at $55,724 and then at the 20-day exponential moving average ($58,804).
Buyers will have to push the price above the 20-day EMA to suggest that the range-bound action may extend for some more time.
Source: CoinTelegraph
