He Bitcoin price is at $59,777 this Mondaywith intraday fluctuations ranging between $57,814 and $61,054. The market capitalization for BTC is $1.16 trillion, backed by a 24-hour trading volume of $29.81 billion. Against a backdrop of persistent selling pressure, the Technical indicators show bearish momentum, challenging optimistic investors.
According to the 1-hour chart, Bitcoin is experiencing a sharp drop from $61,868 to around $57.68. This decline is accompanied by significant volume, indicating considerable selling pressure. Currently, the price is consolidating around $59,000, which could signal a pause in the downtrend.
Traders should watch for a potential upside break above this consolidation zone, supported by strong volume, to consider a short-term bullish entry. However, a drop below $57.681 could suggest further weakness.
On the 4-hour chart, Bitcoin’s downtrend can be traced back to the high of $62,729 reached on August 10. Since then, the price has shown a steady decline, with a few minor corrections. Currently, the asset is testing the support around $58,000, with recent swings reflecting indecision. A break above $60,000 could signal a possible shift towards an uptrend, while a drop below $58,000 with significant volume could confirm the continuation of the bearish momentum.
The daily chart reveals a broader downtrend from the high of $70,016 in early August. Despite a partial recovery after a sharp decline to $49,577, Bitcoin is facing resistance near $62,000. The formation of a potential lower high suggests that the downtrend could persist. Traders should watch the $62,000 level for a potential bullish breakout signal, while a drop below $57,000 could accelerate the decline towards the previous lows.
Thus, the bearish outlook prevails.with Bitcoin facing resistance and struggling to hold critical supports. The predominance of sell signals at the moving averages and the failure to break above $62,000 suggest that further decline is likely. A break below $57,000 could intensify the decline, leading us to retest the August lows around $49,577.
Ethereum: holds above $2,500
Ethereum (ETH), meanwhile, is trading at $2,683, with fluctuations within a 24-hour range that varies between $2,523 and $2,720. With a market capitalization of $321 billion and a trading volume of $17.58 billion.
Ethereum continues to show remarkable activity in the market. However, Technical indicators reveal persistent difficulties in overcoming key resistance levelssuggesting a possible bearish trend on various time frames.
The 1-hour chart shows a recent recovery for Ethereum, with the price rising from $2,508.6 to $2,720, supported by an increase in trading volume, indicating bullish momentum in the short term. However, the price is struggling to stay above $2,700, which could signal challenges ahead.
If Ethereum fails to consolidate above this level, especially in a context of increasing selling pressurea drop towards US$2,600 is possible, which advises caution among traders.
Source: Ambito
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