Bitcoin is trending lower when writing, cooling off after the encouraging leg up on August 23. Although the uptrend remains, and the coin is not far away from $63,000, there is no discounting the possibility of sellers pressing on. The alignment with the dip of early August could trigger another wave of liquidation, causing panic. Bitcoin Shaky, The First Two Levels To Watch Technically, Bitcoin is within a bullish breakout formation from the bull flag established after the expansion on August 8. Additionally, from a volume analysis perspective, bulls stand a chance since prices are still inside the bull bar of August 23. As long as trading volume remains light as prices trickle lower, buyers may jump back and drive prices higher above $66,000. Related Reading: New ATH Incoming? Expert Says PEPE Poised For ‘Humongous’ Breakout Even so, assuming Bitcoin bears have the upper hand, one analyst on X thinks it will be important for traders to closely monitor how prices will react at the following four reaction lines. From the Bitcoin cost-basis comparison via CryptoQuant, the first support level, now ..
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