Bitcoin (BTC) registered considerable movement last week and over the weekend, amassing a 6% increase as it climbed above $60,000. However, this jump was short-lived as BTC fell back, with the price down almost 3% over the past 24 hours. BTC was relatively positive over the previous week, recovering from a low of $52,622, which it fell to last Friday. By Monday (September 9), BTC was back above $57,000, with buyers pushing it to a day high of $58,092, testing the resistance at that level. Despite the positive start to the previous week, BTC could only push above $58,000 on Thursday, thanks to sellers actively defending the level, preventing buyers from pushing higher as demand dried up
After facing significant selling pressure on Wednesday, BTC recovered strongly on Thursday as sellers pushed above $58,000 and settled at $58,176. Buyer sentiment picked up after BTC pushed above $58,000. As a result, Friday saw BTC move above the 20-day SMA and the 50-day SMA to go past $60,000 and settle at $60,479. Buyers were expected to defend the $60,000 level vigorously, and unsurprisingly, selling pressure increased over the weekend as sellers attempted to push BTC back below the 50-day SMA. BTC did not slip below the 50-day SMA on Saturday but lost the $60,000 level, declining by 0.88% and settling at $59,949. Sellers continued to dominate on Sunday, pushing BTC below the 50-day SMA as it dropped to $59,165. With markets opening in the red, the current session sees BTC down almost 1% as sellers look to lower the price.
BTC had slipped to a low of $58,143 early in the session. However, buyers pushed back, allowing BTC to climb to its current level of $58,762. Buyers will look to keep BTC above $58,000, counter selling pressure, and prevent a drop to $55,000. Should BTC recover during the ongoing session, we could see a retest of the $60,000 level. On the other hand, if sellers are successful in pushing BTC below $58,000, a drop back to $55,000 can be expected. Buyers have the upper hand with the MACD, which is currently bullish, but that could change the longer sellers remain in control
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