Bitcoin Takes a Hit: Will the Crypto Giant Bounce Back to a Record ,300

Bitcoin Takes a Hit: Will the Crypto Giant Bounce Back to a Record $61,300

September 2, 2024 Catherine Williams Business

The price of Bitcoin (BTC) fell more than 2% on the 1st, but experts predicted that it could rebound to $61,300.

According to Cointelegraph on the 1st (local time), Bitcoin price fell more than 2%, ending the month gloomy on September 1st. According to data from Cointelegraph MarketsPro and TradingView, Bitcoin price fell to $57,230 on the Buystamp exchange. This is the lowest level since August 16th.

The drop, which occurred mid-week, led to a bleak monthly close amid low liquidity, with buyers unable to prevent further losses.

Bitcoin ended August down 8.6%, compared to an average gain of 1.75%, according to Coinglass data. September has historically been a bad month for the BTC/USD pair, with an average loss of 4.5%, according to the same data.

Popular trader Crypto Chase commented on the short-term market activity in a post titled X-Post, saying, “Local levels are being hit and could eventually break.” He added, “Bulldogs will want to see either the $55,500-$56,500 level hold or decisive price action above $61,000. A loss of $55,000 could potentially see a drop to the $51,000 range.”

Another trader, Exitpump, noted that there was “aggressive” short selling at the local lows that day.

“Bitcoin continues to retest the channel bottom,” said Rekt Capital, a trader and analyst, analyzing the weekly chart. “For Bitcoin to confirm the channel bottom (black) as support, it needs to have a weekly close above $58,450. The retest is still ongoing,” he explained.

Meanwhile, liquidity data from Coinglass showed that prices fell through multiple layers during the last week of August.

Popular trader CrypNuevo suggested that there could be liquidity hunting on both the upside and downside this week. “From a trading perspective, I prefer long positions, so I would like to see a down move first to trigger liquidations and fill the wick at $56,600,” he wrote in the X thread. “So I will be maintaining my long orders at $56,600 levels over the weekend and Monday.”

Crypnuevo has set a target of $61,300 for potential upward liquidity hunting.

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