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Bitcoin (BTC) Price Analysis for September 8

Price Predictions
Wed, 09/08/2021 - 10:30
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Denys Serhiichuk
How great are Bitcoin's (BTC) chances to restore lost positions after yesterday's dump?
Bitcoin (BTC) Price Analysis for September 8
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Yesterday, the cryptocurrency market faced one of the biggest drops in recent memory. All coins have turned red.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Market volatility surged yesterday, and the price of Bitcoin (BTC) dropped nearly 19% throughout the day. The bears, not waiting for the retest of the target level of $53,400, pushed the pair back from the monthly high at $52,956 to the daily low around $42,900.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

It should be noted that, in the afternoon, the Bitcoin price bounced to the  $47,745 level. Today, it is likely to consolidate in a sideways range with support around the $46,000 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, the indicator lines left the overbought zone and are now in the neutral zone. The likelihood of the continued decline and recovery of the market is approximately the same. Therefore, if the bears push through the support of $46,000 today, the pair may test the $42,447 level.

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If the market manages to recover above the $47,745 resistance, then one can expect a return above $50,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly time frame, Bitcoin (BTC) needs to close the body of the candle above the $46,560 mark. If buyers can manage to do that, there is a high possibility of seeing a retest of the $50,000 mark.

Bitcoin is trading at $46,200 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.