Bitcoin Faces Key Price Levels: $56K and $58.2K Could Define Next Market Move
The outlook for Bitcoin is significant this September as market gurus try to determine movements in its price and other trends. The analysis has indicated crucial levels that would define the BTC price and previous trends likely to be seen in the next few days.
On September 5th, Daan Crypto Trades pointed out that it is always possible to see either a high or a low for Bitcoin throughout the previous months of this year. However, BTC did not follow the established pattern this time and could not reach a new monthly high of $59.8K or a low of $55.6K.
However, a new monthly low was made on the September 4th. From this point, if the current trend of the past three months would continue to play out then Bitcoin will have an upside motion. But he also admitted that this could be chance, arguing that it is common for the human eye to place patterns on small sets of data.
Bitcoin Key Levels to Watch
Two crucial price levels are closely watched by market experts these are $56K and $58.2K because these areas are considered promising for defining the further movement of BTC. There are those who believe that Bitcoin momentarily took the liquidity to above $58.2K before pulling back.
Based on this expectation, Bitcoin is most likely to revisit $54K before it starts the upward move again. The next major movement would occur from the next break out of any of these levels, this will define the near-term trend of BTC. Nowadays, the market situation is somewhat unstable, and there are significant events that will occur in the current week, which could affect the price of cryptocurrency.
Bitcoin has not been able to post a continuous bullish run and analysts have predicted that the oncoming days could possibly be the breakout phase or the range-bound phase around the significant price points. There is a tendency to be careful about giving definitive calls, but these are watched with great attentiveness.
From the investors and traders perspectives, the current performance of Bitcoin is an indication of what may be in prospect. September has been identified in the past as an important month for BTC and this year has proven to be no different. Regardless, the prospects for cryptocurrency in the near term or further decline will set critical patterns for the market,
Read more: https://www.tronweekly.com/bitcoin-faces-key-price-levels-56k-and-58-2k/
Text source: TronWeekly
