Bitcoin Price Struggles to Break Resistance Zone
Bitcoin's price continued to face selling pressure on September 3, after it failed to break through a major resistance zone. This prompted traders to focus on technical patterns and recent exchange-traded fund (ETF) activity to determine the next potential direction.
The cryptocurrency is currently valued at $77,739, representing a 0.31% increase from the previous day. The daily trading volume stands at $27.41 billion, with the overall market capitalization measured at $1.56 trillion.
Crypto Patel, a market commentator known for his technical analysis, stated that BTC recently rejected a bearish order block identified between $80,000 and $83,000 on August 25. The cryptocurrency retreated from $81,500 to $76,200 over a span of a few days, marking a 6.5% decline.
Patel expects that failure to reclaim $83,000 on a higher-time-frame closing basis could put the $70,000, $65,000, and $60,000 levels at risk, with further losses potentially exposing $50,000 and $40,000. Patel also highlighted that a decisive close above $83,000 would invalidate the current bearish outlook and lead to re-evaluation of the market structure.