- RSI and MACD have generated a death crossover, which indicates a bearish forecast.
- The Bitcoin price has declined by 13% in the past 10 days.
Since 2023, the Bitcoin (BTC) price has performed positively and has acquired 330% by Q1 2024. However, the bullish trend has disturbed near the $73K mark and witnessed profit booking.
The buyers have attempted to overcome this territory multiple times. However, the sellers were strong enough to drag down the price.
Based on the technical chart, the BTC price has witnessed slow and steady losses. Since May, the buyers have failed to reach the last swing highs, which displays the sellers’ strength.
After consolidating a month in a narrow range, the sellers have won the battle. They have dragged down the price below the key moving averages.
Is history going to be repeated in BTC?
Kevin Svenson (@KevinSvenson_) has tweeted that the Bitcoin price has formed a flag and pole pattern. It shows that the BTC crypto price has undergone a correction phase and might shoot up after a bullish spark.
#BITCOIN | WEEKLY BULL FLAG
— Kevin Svenson (@KevinSvenson_) August 28, 2024
Will 2023 repeat? 👀🗓🔄$BTC #BTC 🔗https://t.co/2bZ8zNcP61 pic.twitter.com/O7M9pQVJ7o
In 2023, the BTC price formed a flag and pole pattern, and a sharp upmove was witnessed. The price was shaped in the same pattern at press time, and the scenario was also the same. After the breakout, it might repeat the history.
Is One More Upmove on Its Way in Bitcoin?
Elja (@Eljaboom) has tweeted that the final leg-up hasn’t even started. On a monthly time frame, the Bitcoin price has taken a pause and may continue after a spark.
$BTC final leg up hasn’t even started
— Elja (@Eljaboom) September 3, 2024
Imagine selling now 🤦 pic.twitter.com/y2LmnYtjKq
The price has risen in a broader time frame by forming higher highs and higher lows. As per the chart, it has reached the last swing high and might continue to generate a new higher high territory.
Bitcoin Price Seems Bearish; Can It Defend the $55K Hurdle?
At press time, Bitcoin was trading at $56,601.00 with an intraday gain of 1.50%. The 24-hour trading volume was $33.17 Billion.
Based on the technical chart, the BTC crypto price has shown price rejection twice from the $55K mark since July. However, the price is heading toward this significant support level. Sellers might face difficulty dragging the price below the $55K mark.
Suppose the price forms any bullish candlestick on the significant support level; it may gain bullish momentum. If the BTC price smashes the 200-day EMA, buyers may be eyeing the major resistance level of $72K.
Assuming the digital asset price slips below the major support level of $55K, it might be a bearish forecast. If the price is below this mark, the recent profit can be predicted to convert into losses.
Turning to the technical indicators, the BTC crypto price traded below the key moving averages, showcasing the bearish momentum.
The MACD has displayed a bearish crossover with the signal line and is wandering in the negative territory. The histograms have flipped to red, which may tempt sellers.
Bitcoin Price Analysis and Forecast
Based on the current technical indicators and market sentiment, the BTC price seems to be facing significant resistance at the $55K mark.
Suppose the price defends this crucial support level and forms a bullish candlestick pattern. If this happens, there might be a chance for a potential upward momentum toward the significant resistance level of $72K.
However, a break below the $55K support level could signal a bearish outlook, potentially leading to further losses.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
