Bitcoin’s price has consolidated in a tight range during the bear market. If the bearish dominance persists, BTC could fall to $40K.was trading above $57K at press time, a crucial level for a potential rebound. If bulls manage to defend this position, BTC could rally towards the $68K resistance.
Historically, September has been Bitcoin’s most bearish month, with only four positive years out of the past 13. Will this month follow the trend, or can bulls turn it around?The TD sequential indicator on the Bitcoin 2-month chart is showing a sell signal, suggesting a potential drop. If BTC falls below $51,000, it might slide to $40,600 – a scenario bulls would want to avoid.
However, approaching a zone with significant OI again could increase volatility. As participants near breakeven, if many exit, it may slow momentum and push BTC prices lower.Moreover, shorts have been dominating longs for the past three days. As of now, shorts are still outperforming longs, making up 52% of the market.
Conversely, if BTC moves closer to $57,400, around $67 million in short positions could be liquidated.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
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