đšBITCOIN UPDATE đš
âĄïžIn the past two days, I shared Bitcoin update and explaining that we saw some selling pressure during both the weekly and monthly candle closes, leading to a dip in Bitcoin price. Now, Bitcoin broke its local support at $64,500 and is now trading below it. I highlighted that bears were trying to push the price down, because of the monthly closing day and historically, September tends to be a bearish month, adding to the selling pressure.
âĄïžCurrently, with Japan's Nikkei stock market down 5% and today there's a weakness in the US stock market so this creates more selling pressure in Bitcoin price.
Bitcoinâs next key support level is at $62,500. If the US markets stay in the red, there's a strong chance Bitcoin may test this support. If there are no major bad news come, we hope Bitcoin holds above this level today. However, if negative news arises, the next major support sits around $60,500.
âĄïžFor a bullish momentum in October month, Bitcoin needs to closing the weekly candle above $64,500 level. Bulls are already trying to push the price above this level. This is a crucial time for Bitcoin, but a positive sign is that altcoins are holding strong against Bitcoin, which bodes well for a potential bullish month ahead.
