Bitcoin price analysis

BTC had been in an upward trajectory as the previous week drew to a close, rising by 3.50% on Wednesday before a slight drop on Thursday as the 50-day SMA came into play, allowing sellers to push BTC down by just over 1%. However, bulls took control on Friday, with BTC registering an increase of 5.97%, pushing above the 50- and 200-day SMAs to settle at $64,032. In fact, BTC reached a day high of $65,054, but sellers pushed the price back below $65,000, a level they were expected to defend vigorously.

The weekend saw buyers and sellers struggle to take control, with BTC only managing a marginal increase on Saturday. Sunday saw buyers attempt another push towards $65,000 while sellers tried to drive the price below the 200-day SMA. However, neither could establish control, and BTC remained at $64,085. The current week began with BTC dipping below the 200-day SMA after a 1.85% drop as sellers tightened their grip on the market. As a result, BTC dropped to $62,903. Bearish sentiment intensified on Tuesday as markets crashed, with BTC dropping by 5.40% to slip below the 50 and 20-day SMAs and the $60,000 price level to $59,506. The current session sees BTC remain in the red, down by 0.50%, as sellers look to drive the price lower.

With Tuesday’s reversal, sellers have established control in the market, with any move above $64,000 ruled out for the time being. With September historically being a difficult month for BTC, it could drop further should sellers remain in control. Buyers will attempt to regroup and reclaim the $60,000 level, which is crucial to resume a push back above the moving averages and move towards $64,000. Should sellers continue to dominate, BTC could drop to the $58,000 support level.