Bitcoin (BTC) Forecast for September 1: Expert Analysis and Projections
September has commenced on a bearish note for most cryptocurrencies, as reported by CoinMarketCap.
The value of Bitcoin (BTC) has experienced a 2.04% decline in the past day, with a 9.31% drop over the previous week.
Analyzing the hourly chart reveals Bitcoin’s price retracing towards the local support level of $57,728. A potential test of the $57,000 range could be imminent if the daily bar closes in proximity to this mark.
A broader perspective also paints a bearish picture for Bitcoin. A breakout above the $57,750 level might provide the necessary momentum for a downward move towards the $56,000-$57,000 bracket.
Traders are advised to closely monitor the weekly bar closure as a candle ending below $58,000 could signal a sustained correction in the coming days.
As of the latest data, Bitcoin is trading at $58,047.
The current market sentiment indicates a cautious approach towards Bitcoin’s price trajectory, with potential downside risks looming in the near term.
