Bitcoin Bulls Weak below $60,000 but a Bottom Is Forming
Bitcoin ended up lower yesterday, deflating hopes of an immediate recovery after gains of September 13. Overall, the uptrend remains since bears didn’t wipe out end of last week’s gains. The short-term trend is bullish from a top-down preview, but this will change fast should sellers press on. Any dip reversing September 13 gains and below the $58,000 to $60,000 support range means buyers will struggle to ignite momentum. In that event, the shift can favor sellers looking to retest $50,000.
The path of least resistance favors buyers in the short term. Unless there is a sharp recovery lifting BTC above $61,000, the sell-off might continue. Before then, buyers are optimistic, expecting to find support this week. At press time, the coin is up 3% in the previous week, stable on the last day, amid below average trading volume at around $28 billion.
Traders are closely monitoring the following Bitcoin trending news:
- Despite the sell-off, traders are upbeat. There might be a bottom forming, looking at the Mayer Multiple indicator. It is down, sliding from 1.82 to around 0.9. If it falls further, reaching 0.7, a local bottom might form.
- One analyst thinks the uptrend will only form or begin taking shape once there is a convincing lift-off above $69,500. Before then, sellers have the upper hand.
Bitcoin Price Analysis
BTC/USD is falling at press time.
As September 13 gains have been reversed, how prices evolve today will shape the short to medium-term formation.
Any drop below $56,500 will question the strength of buyers, paving the way for losses toward $50,000.
However, any sharp uptick above $61,000, confirming gains of September 13, could ignite another round of demand.
If the leg up is with rising volume, BTC may soar, reaching $70,000.
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