Bitcoin facing decline amid Bearish pressure
2024-09-09

BTCUSDT continues its downward trend, with a noticeable lack of buying pressure since late August. The price action has been characterized by consistent lower lows and lower closes. Even on the daily chart, we see this pattern persisting, despite a recent false breakout below the July low, with the price hovering near that level again. Historically, September tends to be a difficult month for Bitcoin, often resulting in negative performance. This pattern suggests that the price could drop further, potentially breaking below the 50,000 mark and aiming for the support zone between 48,000 and 45,000. If the price reaches this zone, a strong rebound could occur, potentially sparking a new bullish trend. The target is the support level at 51,220.00