Bitcoin (BTC) is currently trading at $53,763, up 10% from its eight-month low of $49,577, recorded on August 5. However, traders are concerned that Bitcoin could fall below $52,000 before a reversal occurs.
On September 6, Bitcoin continued its decline, losing more than 5.9% from a high of $56,984 to an intraday low of $53,613.
Based on this development, analysts believe that downside risks remain present for Bitcoin, with $52,000 becoming an important area to watch at the moment.
“Bitcoin is heading deeper towards the bottom at $52,000,” prominent trader Jelle shared in a post on X on September 6.
Jelle reacts to Bitcoin’s sharp drop after the release of lower-than-expected US jobs data, raising doubts about the health of the labor market.
According to Jelle's analysis, the recent sell-off has dragged Bitcoin below key support levels, including the psychological $58,000 level, which is supported by the 200-day simple moving average. Currently, the price is trading below this supply zone, and Jelle emphasized that bulls need to strongly defend the low around $52,000 (July 5) to prevent BTC from falling further.
“Rektember has arrived in full force.”
Meanwhile, analyst Daan Crypto Trades presented two scenarios based on Fibonacci levels, calculated from the low of $49,577 on August 5 to the local high of $65,103 on August 25. The first scenario suggests that Bitcoin price could bounce from the 61.8% Fibonacci retracement level at $54,604.
The second scenario assumes that Bitcoin breaks support at $54,000, resuming the downtrend. This could be an ideal opportunity to open a long position at $52,400, supported by the 78.6% Fibonacci retracement level.
MN Consultancy founder Michael van de Poppe predicts that Bitcoin price could hit the $53,000 to $54,000 support level before “bouncing back.”
According to van de Poppe, for this scenario to happen, Bitcoin needs to quickly reclaim $56,000.
The Decline in Bitcoin UTXO Yields
Anonymous analyst Kyledoops shared a chart from CryptoQuant, showing that the proportion of Bitcoin’s unspent transaction outputs (UTXOs) that are in profit has been decreasing since mid-July, implying that investors are taking profits.
Bitcoin UTXO refers to the amount of cryptocurrency left after transactions on the network. Analyzing this metric is important to assess investor behavior over different periods.
“The proportion of Bitcoin UTXOs in profit has dropped to 68.5%, the lowest level since October 2023,” Kyledoops shared on X on September 6.
“This decline reflects selling pressure from traders taking profits.”
Typically, a decrease in the proportion of profitable UTXOs creates space for BTC to recover as sellers begin to dry up.
The last time the UTXO in profit ratio hit a similar low was in January 2023, right before Bitcoin's massive price surge, which saw it surge 273% from $26,700 to $73,000.
“History has shown that such drops often signal large rallies that follow; Bitcoin once rallied 273% after a similar drop.”
Source: https://tapchibitcoin.io/trader-doi-mat-muc-gia-btc-duoi-52k-khi-thach-thuc-tu-crypto.html
