Bitcoin price in particular and the entire crypto market in general are having a sad week as the results of the previous bulls have dissipated by just two sharp drops for the week.
Many traders may view the current slump as a buying opportunity, as over the past few months, bitcoin has maintained a fairly good $ 11,500 support. Market data also shows that some major investors are waiting to accumulate more BTC at lower levels.
Over the past 24 hours, the highest price of bitcoin is recorded at $ 10,644 and as low as $ 9,934.
Bitcoin's rate today (September 5) recorded at 9:35 am at $ 10,450, a slight increase of 2.11% from the past 24 hours.
Although the green color has returned, compared to the beginning of the week, most of the cryptocurrencies are still sinking in price. Out of the top 100, 81 out of 100 cryptocurrencies by market value have been recorded with an increase in price over the past 24 hours.
Some of the top altcoins in the top 10 have made a rebound but compared to the past 7 days, they are still down.
Total market cap today recorded at 9:40 am at $ 343.13 billion, an increase of $ 6 billion from the past 24 hours.
24-hour trading volume of the market reached 136.53 billion USD, down 18 billion USD compared to September 4th.
BTC / USD
In a bear market, the prudent strategy is to wait for the price to stabilize and confirm a bottom before buying. Before buying, it is important to determine what are key support levels that can attract bottom fishing from the bulls.
Bitcoin fell below the $ 11,000 and $ 10,400 supports on September 3 and hit an intraday low of $ 9,958. This drop completes a bearish head and shoulders pattern that has a minimum target of $ 9,540.
Currently, the bulls are trying to defend the $ 10,000 support level but the weak rally shows that buyers don't think they've found a bottom.
The 20-day moving average ($ 11,331) has turned down, and the RSI has also dipped to the negative zone, which shows that the bears have the upper hand at the moment.
If the bears succeed in breaking out of the $ 10,000 support level, it will most likely retest the $ 9,500 zone, which is also the last support stopping the fall below $ 9,000, but if this support is also Broken, the drop can extend to the $ 8k zone.
However, according to many analysts, a bearish scenario to $ 8k is very unlikely. Most believe that the bitcoin bulls will well defend the $ 10,000 - $ 10,500 support range and then consolidate to retest the $ 11,000 level over the next few days.
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