Why is the price of Bitcoin down today?
The crypto market is down 4.82% in 24 hours and has fallen below the $2 trillion market cap, while the BTC price is below $57,000. A major loss will result in a death cross event on the crypto total market price chart between the 50 and 200-day EMA.
At the next support at $1.87 trillion, the daily RSI shows a slight bullish divergence, indicating a possible pullback. Fueling the market decline, the price of BTC fell by 2.77% last night and is currently down 1.73% from its opening price of $57,506.
BTC price performance
The price of BTC fell by 10.82% last week, reversing a 10% recovery in the previous week. With a bullish candlestick, the bearish trend is expected to decline by 1.42% this week.
Marketing perspective
On the 4-hour chart, the BTC price action is a bearish support trend action and the recent 4-hour candlestick is rejecting the low price. Additionally, it looks for support from the 23.60% Fibonacci level at $55,650.
Currently, the price of BTC is at $56,503, and the $55,852 support level will try to reject the lower price. However, the breakdown of the $57,000 depression will damage the critical interest zone. Additionally, a falling channel pattern with the 50-EMA appears as dynamic resistance on the 4-hour chart.
The daily 4-hour RSI line shows a slight bullish divergence as the RSI line hovers over the oversold boundary.
The crash of Bitcoin ETFs
On September 3, Bitcoin ETFs experienced a sharp spike in flows, resulting in a crash in the price of BTC.
Of the total spending of $287.8 million, Fidelity contributed $162.3 million, GBTC $50.4 million, Ark $33.6 million, and Bitwise $25 million. BlackRock's IBIT and Wtree's BTCW had net zero inflows during the bear market.
Bitcoin derivatives and emotions
With a fear and greed index of 27, the market is full of fear. In addition, the dominance of BTC decreased by 0.14%.
In market data, Bitcoin open interest fell to $51.46B, a 4.26% drop in 24 hours. Liquidations also increased by 160%, recording a $195M clearing.
Therefore, the rising bearish signals in the equity market and the falling fear and greed index indicate a sell signal. However, according to top traders, BTC long/short ratios from the Binance and OKX exchanges show signs of a return to underlying optimism.
Will BTC price reach $50k?
Rising supply and declining market sentiment warn of continued bearishness. Regarding the 23.60% level split, the next support levels are found at $54,000 and $51,335.
On the positive side, a minor recovery could retest the damaged $57,000 zone near the $59,000 mark. Are you worried about how the price of BTC will end up in 2024? Our Bitcoin (BTC) price forecast looks at this and more!
