Bitcoin (BTC) Price Analysis: September 4, 2020

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Bitcoin (BTC) dropped significantly yesterday, falling below the $ 10,500 level. BTC has dropped 8% in the past 24 hours, according to CoinMarketCap data. Although the leading crypto currency dropped to 10,200 levels yesterday, it is trading at $ 10,490 at the time of writing. Bitcoin traded close to $ 10k support against the US Dollar. BTC may correct higher, but the gains will likely be limited around $ 10,800.

Dropped Over $ 1000

According to popular analyst Aayush Jindal, Bitcoin started a strong decline and weakened over $ 1,000 yesterday in the last three sessions. The price fell more than 10% and broke the $ 10,500 support and the 100 hourly simple moving average. There is a key bearish trend line showing resistance near $ 10,750 on the hourly chart of the BTC / USD pair. The pair is currently consolidating losses close to $ 10,250 and may correct higher levels in the short term.

Yesterday, we saw a sharp decline in bitcoin price below the $ 11,500 support against the US dollar. BTC remained in the bearish zone and broke many supports such as $ 11k and $ 10,800. The price dropped over 10% yesterday and broke the $ 10,500 support and the 100 hourly simple moving average. There was a low of around $ 10,39 and the price is currently consolidating losses. Initial resistance on the upside was at $ 10,500. BTC seems to have overcome that resistance right now. It is important that the crypto currency can remain in this area.

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Target in Bitcoin (BTC) is $ 14,000!

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