After briefly rallying to $58,492, Bitcoin’s price has dropped and is now trading at $56,753. The cryptocurrency has faced challenges in surpassing the $60,000 mark, consolidating within the $56K to $58K range. U.S. spot Bitcoin ETFs have experienced outflows for six consecutive days, amounting to $37.29 million in net losses.
Bitcoin’s recent price action has garnered significant attention from traders, many of whom expect a rebound. Despite this, Bitcoin has struggled to break past the $60,000 resistance level, with its price fluctuating between $55,500 and $58,000 since early September.
Over the past 24 hours, BTC saw a high of $58,492, reflecting a 3.75% increase before it started to decline on the evening of September 4, continuing into the current trading period. At the time of writing, Bitcoin is priced at $56,753, with a market cap of $1.12 trillion and a daily trading volume of $31.73 billion, according to CMC data.
The drop in Bitcoin’s price has also impacted the broader crypto market, including major altcoins like Ethereum (ETH) and Binance Coin (BNB). In the past 24 hours, Bitcoin’s price decline has led to $31.63 million in liquidations, accounting for 33.4% of the total $92.14 million in liquidations across the entire market, as reported by Coinglass.
Additionally, U.S. spot Bitcoin ETFs have faced six consecutive days of outflows, beginning on August 27. Data from Sosovalue shows that these ETFs experienced a total net outflow of $37.29 million, with three out of 12 ETFs reporting withdrawals. Notably, Bitwise was the only ETF to report inflows, receiving $9.46 million.
On the technical side, Bitcoin’s price movement shows bearish signs. On September 4, a bearish crossover occurred on the 4-hour chart, with the 50-day moving average falling below the 200-day moving average. This downtrend is further confirmed by the MACD indicator, where the signal line is now below the MACD line.
Bitcoin’s RSI is currently at 43.30, suggesting that while the market is approaching oversold conditions, it hasn’t yet reached extreme levels, indicating some selling pressure remains but not enough to signal a strong buying opportunity.
Given current market trends, if Bitcoin approaches the $58,000 zone again, it could potentially dip below $55,000.
