September has started bearish for most of the coins, according to CoinMarketCap.
Top coins by CoinMarketCapBTC/USD
The rate of Bitcoin (BTC) has declined by 2.04% since yesterday. Over the last week, the price has dropped by 9.31%.
Image by TradingView
On the hourly chart, the price of BTC is returning to the local support level of $57,728. If the daily bar closes near that mark, one can expect a test of the $57,000 zone soon.
Image by TradingView
On the bigger time frame, the picture is also bearish. If a breakout of the $57,750 level happens, the accumulated energy might be enough for a move to the $56,000-$57,000 range.
Image by TradingView
From the midterm point of view, traders should focus on the weekly bar closure. If the candle closes below $58,000, there is a high chance of an ongoing correction within the next few days.
Bitcoin is trading at $58,047 at press time.
