Bears Gain the Upper Hand: Here’s Why the Bitcoin Price is Crashing Today!
Zameer Attar1 Sept 20231 min read
Bitcoin (BTC) price has fallen by 4.2% in the past 24 hours, trading around $26,000 in the early Asian market on Friday.
The decline comes as crypto traders celebrate a positive ruling regarding Uniswap in the United States, but bears have gained the upper hand, erasing the gains achieved following Grayscale Investments’ recent victory against the US SEC.
The overall cryptocurrency market valuation has decreased by 3% in the last day, with Bitcoin maintaining a market dominance of around 49.25%.
Gear Up for Bitcoin Volatility
Renowned crypto analyst Michaël van de Poppe has conducted a Bitcoin price analysis, foreseeing heightened volatility in the coming days, especially today and throughout the weekend. Poppe attributes this expected volatility to significant news events, including the release of the U.S. unemployment rate, U.S. non-farm employment change, U.S. average hourly earnings, and Canadian GDP MoM data.
With Bitcoin’s price breaching a crucial support zone situated between $26,500 and $26,800, Poppe anticipates that bears will likely continue to push prices lower in the days ahead.
Read More: Prepare for a September Bloodbath: Bitcoin to Drop to $12,000 Soon?
Here are Some Targets
In light of this, the prominent crypto analyst, boasting a substantial following of over 665,000 on the X platform, has emphasized that the confirmation of further short positions could be established at $25,769, with a potential downward target of $24,500.
Consequently, Poppe advises his followers to closely monitor support and resistance levels around $24,500 for potential long-entry opportunities.
