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Bitcoin (BTC) is trading at $112,851, down 5.98% on the weekly chart. The move marks its lowest point in three weeks and extends a sharp reversal from the all-time high of $124,457 set on August 14, leaving the cryptocurrency down 9.3% from last week’s peak. BTC has broken below its 1D 50-day moving average (MA) for the first time in two months, triggering short-term jitters, though it remains comfortably above the 200-day SMA. The daily Relative Strength Index (RSI) has fallen to 40, a level that marked major lows in both August and June.  Despite the pullback, according to cryptocurrency analyst TradingShot , Bitcoin’s current structure resembles a fractal (a recurring chart pattern that mirrors previous phases in price and momentum) from its 2020 cycle. In fact, both the RSI and price action now look similar to late 2020, when BTC began its steep climb. BTC 2024 vs 2020 sequence. Source: TradingShot/Tradingview Back then, BTC’s rebound set the stage for its ...

While a majorly negative sentiment currently dominates the down-trending cryptocurrency market, a trading analyst shows optimism for a potential Bitcoin (BTC) bullish reversal. Notably, the trader CRYPTOMOJO_TA shared an Analysis on TradingView on September 3, urging investors to “be ready for the reversal.” According to him, Bitcoin has failed multiple times to break the key resistance between $69,000 and $70,000. However, the analyst believes “this time could be different,” driving BTC to the so-awaited $100,000 price target. Picks for you Why is Michael Saylor not buying Bitcoin lately? 2 hours ago Bitcoin's dip 'may keep dipping' if this trendline is not breached, says analyst ...

The Bitcoin price jumped 3% in the last 24 hours to trade at $59,059 as of 10:15 p.m. EST, despite trading volume dropping 21% to $27 billion. The recent rise in the BTC price comes as asset manager Franklin Templeton seeks to launch a new ETF (exchange-traded fund). This ETF is set to track the performance of the CF Institutional Digital Asset Index, which currently only comprises BTC and ETH. Bitcoin Price Aims For A Rally The Bitcoin price has invalidated the rounding top pattern formed in late July to early August, as it soared from the $49,000 support to the $62,655 resistance, according to data from GeckoTerminal . However, the price of Bitcoin has been on a downtrend, trading within a falling channel pattern in the last week. The Relative Strength Index (RSI) also indicates that buying pressure is building up below the 50-midline level, currently at 45. If the buying starts at this level, the price of Bitcoin could soar above the channel, breaching the immediate resistan...