Bitcoin Price Slides, Erasing Gains Amid Uncertainty and Selling Pressure
Summary:
Bitcoin's price dropped by 1.75% on September 8th, wiping out recent gains. Traders are uncertain due to a delayed spot Bitcoin ETF and the Federal Reserve's interest rate decision. Bitcoin's price is currently trading within a narrow range and has fallen below its 50-4H EMA. Long liquidations were triggered, further intensifying the selling pressure. The price may continue to decline towards $25,550 or potentially retest $26,000 if it reclaims the 50-4H EMA. It's important to conduct thorough research and be aware of the risks involved in trading.
Bitcoin's price dropped by approximately 1.75% on September 8th, falling to nearly $25,850 and erasing most of its recent gains. This decline comes as Bitcoin has struggled to find a clear direction in September, with traders being cautious due to the delay of a spot Bitcoin ETF and uncertainty regarding the Federal Reserve's interest rate decision. The price has been trading within a tight range, with $26,450 acting as resistance and $25,550 as support. This has led traders to buy at support and sell at resistance, contributing to the recent selloff. In addition, an increase in Bitcoin reserves held on exchanges may have added downward pressure on the market. The selloff triggered long liquidations in the derivatives market, forcing traders to sell their Bitcoin collateral to cover their borrowed amount. Technically, the selloff has pushed Bitcoin's price below its 50-4H exponential moving average, increasing the possibility of a further decline towards $25,550. However, if the price manages to reclaim the 50-4H EMA as support, it could retest $26,000 and potentially rally towards the 200-4H EMA near $26,975 in September. As always, it is important to conduct your own research and be aware of the risks involved in investing and trading.
Published At
9/8/2023 3:38:20 PM
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