🔥🔥Technical Analysis September 5: BTC
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Weakness in the US stock market dragged the crypto market lower on September 3. The selling in the crypto market continued on September 4, but a small positive is that lower levels are attracting buyers.
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Many analysts believe that the US Federal Reserve’s expected interest rate cut on September 18 will be a positive move for risk assets. However, Bitfinex analysts have a different view, predicting a 15% to 20% drop in Bitcoin following the rate cut. In a note dated September 2, they said Bitcoin could bottom at anywhere between $40,000 and $50,000.
The risk of Bitcoin breaking below its long-term range is putting pressure on altcoins, which have continued to weaken. That has dragged the total cryptocurrency market capitalization below $2 trillion, according to CoinMarketCap data.
Will Bitcoin Break Below the Range, Triggering Further Sell-Off in Altcoins?
💥BTC Technical Analysis
Bitcoin declined from the 20-day exponential moving average ($59,655) on September 3 and dropped to the $55,724 support on September 4.
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The bulls are expected to defend the $55,724 level with all their might as if the support level breaks, the BTC/USDT pair could drop to $49,000. This level could attract strong buying from the bulls, but the bears will try to stall the relief rally at $55,724. Below $49,000, the next stop could be $42,000.
This bearish view will be invalidated in the short-term if the price rises from the current levels and breaks above the 50-day simple moving average ($61,712). The pair could then rise to $65,000 and then the important resistance at $70,000.
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