• Economy
  • Investing
Long Distance Investing
  • Stock
  • Editor’s Pick
Stock

Bitcoin continues to drop to a new weekly low

by September 4, 2024
written by September 4, 2024

Bitcoin continues to drop to a new weekly low

Bitcoin’s price attempted a recovery on Monday but was halted at the $59900 resistance level

Bitcoin chart analysis

Bitcoin’s price attempted a recovery on Monday but was halted at the $59900 resistance level. Subsequently, the price retreated below $59500 and fell below the EMA 200 moving average, a key technical indicator. This increased bearish pressure, leading to another bearish consolidation. The support at $57,500 was also breached, and this morning, we witnessed a continuation of the bearish trend.

With a couple of strong impulses, the price of Bitcoin fell to the $55,602 level. Shortly after that, the price moved up to the $56,800 level. We are now moving in the $56200-$56800 range and trying to hold here. We need an impulse above the upper range line to form a new high. With a return above $57300, we would return above the weekly open price. The next goal is to stay up there and try to get back to the bullish side.

 

We have been in a bearish trend for ten days and are looking for a support level

If we manage to find this support, it could pave the way for a promising bullish consolidation towards the EMA 200 moving average and the $59000 level. There are potential higher targets at the $59500 and $60000 levels. On the other hand, a bearish scenario would require a negative consolidation and a pullback of the Bitcoin price below the $56000 level, bringing us closer to testing this morning’s low.

At this point, there’s a possibility of an impulse below and a price drop to a new weekly low. Potential lower targets are the $55,000 and $54,500 levels. The next lower target is the August low at $49577. It’s important to be cautious and aware of these potential outcomes.

 

The post Bitcoin continues to drop to a new weekly low appeared first on FinanceBrokerage.

0 comment
0
FacebookTwitterPinterestEmail

previous post
Dogecoin slipped to new weekly support this morning
next post
Trasna IoT group acquires eSIM leader Workz

You may also like

Buy Bitcoin Under $100K Before The Next Bull...

April 22, 2025

Trump’s Fed Criticism Sparks Investor Concerns

April 22, 2025

Oil Prices Rebound After Trump’s Criticism of Powell

April 22, 2025

BNB Price Surge Leads Crypto Gains as Bitcoin...

April 21, 2025

Fed’s Stagflation Warning Impacts Crypto Markets

April 21, 2025

Gold Price Surge Hits $3,385 Amid Trade Tensions

April 21, 2025

Bitcoin Rebounds to $83,404 Amid Renewed Investor Confidence

April 21, 2025

Kraken Rolls Out Commission-Free Stock Trading

April 21, 2025

Bitcoin Nears $85K Amid Market Optimism

April 21, 2025

Bitcoin Slips to $83.6K Amid Nvidia’s $5.5B Charge

April 21, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Fortnite applies to launch on Apple’s App Store after Epic Games court win

      May 11, 2025
    • Cargo thieves are attacking the U.S. supply chain at alarming rates

      May 10, 2025
    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (681)
    • Editor's Pick (348)
    • Investing (4,555)
    • Stock (820)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: Longdistanceinvestings.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 Longdistanceinvestings.com

    Long Distance Investing
    • Economy
    • Investing
    Long Distance Investing
    • Stock
    • Editor’s Pick