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Bitcoin at Risk of Dropping Next Week

Written By: ChartChamp

August 23, 2024

I’m seeing some red flags that Bitcoin is likely to trend down, and I think we can see some downside as early as next week. Bitcoin has failed to break above $63k, and is facing resistance around $61,350. The seasonality is neutral and slightly bearish over the next few weeks as well. I think BTC is likely to dip again in September.

Bitcoin is having a positive reaction to Powell’s press conference. However, there always seems to be some timely FUD every time Bitcoin starts to trend up. BTC is now at my $63k target, it took several weeks to finally reach it. I would monitor for a breakout or rejection here. If BTC can break through $63k we can rally to $69k. I think the markets are trending up with traders looking to exit before the Sept. 6 jobs report.

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