#TopCoinsSeptember2024 #binance #Bitcoin❗

Bitcoin (BTC) Technical Analysis - September 03, 2024

Current Price Situation

Hey guys! Let’s take a look at what’s happening with Bitcoin today. BTC is trading around $59,100. After an attempted recovery, it has slipped by 12% but has found firm support at $57,700. Let’s take a look at the details:

Moving Averages: Bitcoin is below the 50-day and 200-day moving averages. This is a yellow flag indicating a bearish trend in the medium to long term.

Support and Resistance: The immediate support is at $57,700, while the resistance is at $62,700. If the price holds above the support, we could see a rally to $61,200 and perhaps even $65,000!

Volume and Open Interest: The open interest for BTC/USDT perpetual contracts has dropped, showing a balance between buyers and sellers. However, volumes and funding rates are rising, indicating that buyers are getting back into the game.

Oscillators: The oscillators show that BTC still has bullish momentum despite the recent dips. This is a good sign!

Conclusion

Despite the recent challenges, Bitcoin still has the potential for a recovery. If the price holds above the $57,700 support, we could see a new rally soon. Keep an eye on the resistance levels and trading volumes to confirm this trend.