Bitcoin (BTC/USD) Market Resumes Bearish Trend as Price Enters Order Block
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Bitcoin Price Prediction – September 12
BTCUSD market resumes the bearish trend as the price enters the order block. The ongoing consolidation further supports the chance of the bearish trend resumption.
The indicators on the BTCUSD daily chart point towards a bearish sentiment. The price is trading below the 9-period Simple Moving Average (SMA), which is currently at $56300. This suggests that the momentum is down and bulls are losing strength. Furthermore, the MACD indicator shows a bearish crossover with the MACD line below the signal line, and the histogram is also in negative territory. This combination indicates increasing selling pressure.
BTC/USD Market Key Levels:
Resistance Levels: $61910, $73840, $80000
Support Levels: $56500, $49050, $45000
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the bearish trend is set to resume as the price enters the bearish order block.
BTCUSD recently made a lower low, confirming the shift towards a bearish trend. The price seems to be unable to sustain its move above the resistance level at $61910 and is being rejected from the supply zone. A significant break of structure (BOS) had occurred earlier in August, further validating this downside movement.
What are the potential price targets for BTCUSD in the near future?
Based on the current chart and indicator readings, the projection for BTCUSD remains bearish. If the price continues to trade below the $58000 OB level, a further downside towards the next significant support at $49050 is expected.
BTC/USD – Four-Hour Chart
BTCUSD remains bearish on the four-hour chart despite a recent bounce to $57570. The price has been rejected from the 0.786 Fibonacci level and is now below the 9-period SMA at $57110.
The MACD shows diminishing bullish momentum as the histogram weakens, indicating potential further downside. If the price drops below $56500, we expect a move towards $52530 and possibly lower.
Bitcoin (BTC) Current Statistics
The current price: $58000
Market Capitalization: $1,150,000,000,000
Trading Volume: $35,670,000,000
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