BTC/USD, as of this writing, is near the 47600.00 price vicinity and the month of September is ready to get underway. Bitcoin achieved a solid month in August essentially adding almost ten thousand USD to its value. BTC/USD traded at a low of nearly 37100.00 on the 5th of August and achieved a high on the 23rd of nearly 50600.00. Headwinds the past week have seen some incremental loses within the cryptocurrency, but negative momentum has not taken on the look of dangerous velocity, although that could certainly change in the blink of an eye.
BTC/USD is now traversing within the upper realm of its mid-term charts technically. No, BTC/USD has not seriously challenged the exuberant trading during the first two weeks in the month of May. And Bitcoin certainly is not within clear sight of highs achieved when BTC/USD hit a high of 64800.00 on the 14th of April. However, BTC/USD is closer to those lofty numbers compared to its lows of July 20th when it traded near 28800.00 and traders openly worried about December 2020 values being retested.
BTC/USD does remain below its price range of early May when the cryptocurrency traded within the 50000.00 to 58000.00 range. And it can be pointed out by bearish speculators that when the 50000.00 level was punctured lower in May this technically can be pointed out as a place where serious downward selling velocity started and lasted until the third week of July. As September gets ready to start, we have once again seen the 50000.00 ratio play a role and the last week of trading has produced incremental headwinds, which has seen BTC/USD lose some value.
However, the latest round of trading looks different than May’s results and selling has not been quite as fierce. The ability of BTC/USD to remain within the upper realm of its mid-term chart may continue to entice bullish speculative positions from those who suspect a sincere test of the 50000.00 juncture is about to be demonstrated.
BTC/USD Outlook for September
Speculative price range for BTC/USD is 28500.00 to 61300.00.
Support for BTC/USD appears to be significant near the 46700.00 level, but this is close to the relative value of the cryptocurrency now. If this support ratio fails to hold and the 44000.00 level were to be challenged this could set off a wave of nervous selling. The last time this value was seen was in the middle of August. If downward momentum increases and the 42000.00 to 40000.00 prices are seriously tested it could spur on additional bearish trading. Nervous sentiment could then be rekindled, particularly if the lows of August were retested near the 37000.00 juncture. If strong selling persisted at those values it could signal that BTC/USD is about to reenter and challenge its bearish trend which dominated May to July trading.
However, it BTC/USD is able to produce stability and not erode under the current headwinds which has held the cryptocurrency in check the past week, this may cause some traders to suspect what is taking place is a consolidation of value. If the 49000.00 juncture begins to see its value come within sight and the 50000.00 mark were to be challenged and sustained, it could signal another bullish round of buying is about to ensue which could aim for early May’s price range. If the 53000 to 55000.00 junctures experienced a serious test and prices were maintained within the higher levels, speculators may begin to anticipate that another burst of momentum could be produced that would challenge all-time highs.
BTC/USD remains extremely volatile. The ability of the cryptocurrency to add ten thousand dollars of value within a period of less than a month must be counterweighed by the acknowledgement it can also lose those values, meaning risk reward tactics must be carefully chosen by all speculators who dare to swim within the waters of Bitcoin.
