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Bitcoin (BTC) Price Analysis for September 4

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Mon, 4/09/2023 - 18:00
Bitcoin (BTC) Price Analysis for September 4
Cover image via www.tradingview.com

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Most of the coins keep in the red zone, according to CoinStats.

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Top coins by CoinStats

BTC/USD

The price of Bitcoin (BTC) has declined by 0.06% since yesterday.

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Image by TradingView

On the hourly chart, the price of Bitcoin (BTC) is looking bearish as it is on the way to testing the support level of $25,829. If nothing changes, traders are likely to see a blast to the $25,700 zone shortly.

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Image by TradingView

A similar situation can be seen on the daily time frame. At the moment, one should focus on yesterday's low at $25,807.

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If the candle closes with no long wick, the accumulated energy might be enough for a further drop to the $25,000-$25,500 area soon.

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Image by TradingView

From the midterm point of view, it is too early to make any predictions as the bar is far from the closure yet. However, if the drop continues to the $25,000 zone, there is a high possibility of expecting a test of the support level of $24,756 within the next days.

Bitcoin is trading at $25,843 at press time.

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