Bitcoin Battles Resistance At $60,000 As Selling Pressure Looms

Bitcoin started the week on a rather silent note despite bulls’ spirited struggle to maintain a price above $60,000 over the past few weeks.

Despite initial optimism, the cryptocurrency has faced increased selling pressure, signaling potential challenges ahead for investors.  On September 1, Bitcoin’s price dipped below the critical support level of $58,000, signaling a continuation of August’s downward trend. Historically, September has been a challenging month for cryptocurrency, with an average decline of 4.5% over the past decade.  

That said, analysts are divided on Bitcoin’s immediate future. Some, like popular analyst Ali Martinez, highlight concerning trends that could lead to further selling.

“Bitcoin miners sold 2,655 $BTC over the weekend, worth around $154 million,” he tweeted on Monday. This large-scale selling by miners adds to the pressure on Bitcoin’s price, especially as it hovers around critical resistance levels.

Martinez further emphasized the significance of the Short-Term Holder Realized Price (STH-RP), which has acted as a formidable resistance level since June 22. The STH-RP level currently sits at $63,250, a price point Bitcoin has struggled to surpass.

“The Short-Term Holder Realized Price helps gauge the behavior of recent Bitcoin buyers. It acts as resistance in downtrends because these holders are more likely to sell if the price falls below their entry point. Until BTC reclaims this area as support, there’s a risk of continued selling pressure.” Martinez stated.

Adding to the bearish outlook, analyst Alan Santana warned of a potential crash, noting that Bitcoin has moved below key moving averages, signaling a bearish trend.

“Bitcoin moved below EMA8/13/21 weekly in July. This is an ultra-bearish signal and confirms the bearish bias and potential. Major crash confirmed.” He warned. He further predicted that Bitcoin could drop to as low as $43,000 or even $38,000 in the coming weeks if current trends persist.

Meanwhile, despite the grim predictions, some analysts maintain a cautiously optimistic outlook. Analyst Rekt Capital noted that while September has historically been a month of consolidation for Bitcoin, it often leads to stronger performance in subsequent months.

Meanwhile, trader Tandigrade projected that Bitcoin could hit its next all-time high (ATH) of around $140,000 in 2025, drawing on historical trends following past halvings.

“After the 2012 halving, Bitcoin reached its peak ATH in the following year. We expect Bitcoin to reach its next ATH in 2025. Hold on to your bags.” He stated.

Additionally, whales’ accumulation of Bitcoin offers a glimmer of hope. Blockstream CEO Adam Back highlighted that whales have purchased approximately 450 BTC daily since the price drop on August 28, matching the daily mining output. This accumulation could signal a potential reversal shortly.

BTC traded at $58,513 at press time, reflecting a 0.12% drop over the past 24 hours.