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Bitcoin remains bearish amidst rising hashrate and market challenges. Despite the fact that on September 1, 2024, the network hashrate of BTC reached a record 742 exahashes per second, the cryptocurrency is exhibiting bearish trends. The price of Bitcoin fell by 10% in the last ten days, from $64,190 to $57,800 on September 3.
📰 Fresh News:
— Future Wealth (@FutureWealthG) September 4, 2024
Bitcoin Price Drops 10% as Macro Concerns and Miner Struggles Persist
📖 Read more at https://t.co/TBEJnOfXtXhttps://t.co/mPv7BuyseR
The price decline draws attention to more significant market difficulties and heightens worries about a possible US recession. There is now less investor faith in riskier assets like BTC. Fears of a recession are lessening, but focus is now on monetary policy and the strength of the US dollar, which could drive down the price of Bitcoin. Furthermore, increasing miner operating costs are exerting pressure on the cryptocurrency market.
Key Bitcoin Levels To Watch – September 4
The price has broken below the 62000 level, suggesting a continuation downward. The $59000 area has been tested, but further declines toward $56500 appear likely.
A break below this $56500 level may target $53500, followed by a move to $49050. The stochastic RSI is in a downward phase, indicating weakening momentum. A bearish rejection near $61000 reinforces the overall downward bias.
BTCUSD Key Levels
Resistance Levels: $65000, $68000, $74000
Support Levels: $56500, $54000, $49050
BTC/USD Metrics
Total Market Capitalization: $1.98T
Bitcoin Market Capitalization: $1.12T
Bitcoin Volume: $33.43B
Market Rank: #1
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