Can Bitcoin hold $57K amid bear market, or is $40K inevitable?

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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Stocks, gold, and silver rally, cryptos flash crash as Bitcoin sinks below $57kThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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Market rebounds falter as recession worries rise, $40k Bitcoin possibleThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
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