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Bitcoin faces bearish signals after losing $62K, with key support at $56K-$64K being tested. Market cautious as Bitcoin’s technicals weaken, caught between liquidity and economic pressures. Bitcoin’s RSI and MACD indicate declining momentum, with no imminent upside push. Bitcoin (BTC) is experiencing a volatile technical landscape as September begins. The cryptocurrency recently dropped below a crucial $62,000 monthly close, and the weekly chart now reveals a bearish collapse pattern. An analyst, Architect, noted that while technical indicators were not overtly positive, the situation may not be dire. Large buyers could still emerge this month, potentially preventing a steeper downturn. However, the technical backdrop doesn’t suggest any imminent upward price movement, keeping the market cautious. The $BTC monthly first gave up a $62k close and now the weekly is dropping a bearish engulfing. Best case scenario for Sept is rangebound with a retest of lows. We probably have large buyers show up this month, so all is not lost, but no one is going to be in a hurry with these… https://t.co/N199W5H4Bw — Architect🛡️ (@Architect9000) September 1, 2024 The broader macroeconomic environment also significantly influences Bitcoin’s current positioning. The market is caught in a tug-of-war between improving global liquidity and deteriorating economic indicators. This balance has created a crisis, with no clear direction for risk assets, including Bitcoin.  On August 11, 2024, market analyst Architect highlighted a crucial level for Bitcoin to watch. He stated that holding above $62,000 would be extremely bullish, while a drop below $56,000 could signal a prolonged bearish period, potentially lasting up to a year. Crypto analyst Captain Fabiak echoed this sentiment, stressing that Bitcoin’s ability to rally towards $68,000 in September hinges on defending the critical $54,000 support level. He suggested that if the bulls successfully protect this area, it could trigger a strong upward…

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Filed under: News - @ September 2, 2024 12:19 pm