Bitcoin Sellers Dominate: Analyst Doubts The Uptrend, Is $50,000 Inevitable?

Bitcoin is yet to recover after the slump last Tuesday. For the better part of last weekend, prices were moving in a tight range. Overall, sellers remain in control, and the coin is capped below the $60,000 level. Every high might offer entry sellers targeting $50,000, though a clean break below $56,500 could be safer. On the flip side, a rally above $66,000 with rising volume will signal a welcomed shift in trend where buyers will be in control.

In the short term, sellers remain in control. The consolidation of the past few days means conservative traders should stay on the sidelines until there is a trend definition. For now, the coin is stable on the last day, pushing weekly losses to over 9%. At the same time, participation continues to shrink, dropping to as low as $26 billion in the last 24 hours.

Traders are closely monitoring the following trending Bitcoin news:

• Peter Schiff thinks falling upward momentum could stall or even swap price action in favor of sellers.
• Rhodium Enterprises, which recently filed for bankruptcy, can now borrow USD or BTC. Following a court ruling, Galaxy Digital by Mike Novogratz will offer 500 BTC or up to $30 million at an annual interest rate of 9.5% I BTC or 14.5% in USD terms.

Bitcoin Price Analysis

BTC/USD remains under immense selling pressure.

A look at the daily chart shows that the coin is trading below $60,000.

At the same time, the short-term price action is defined by the bear bar of August  27.

As long as prices are below or within this bar, and trending below $66,000, every high may offer selling entries.

In this event, the first bear target would be $56,500.

Sustained losses could see the world’s most valuable coin plunge to August 2024 lows of around $49,000.