Bitcoin (BTC) Price Analysis: BTC/USD Under Immense Selling Pressure, Targeting $50,000

Bitcoin is deep in red, at least looking at the performance in the daily chart. Even though traders expect gains, the short-term projection is bleak

Bitcoin is trading deep in the red, at least if we look at the performance in the daily chart. While traders might expect gains, the short-term projection is bleak and favors sellers. If the price action aligns with last week’s performance, there will be little resistance to a dump below $49,000. In that case, not only will Bitcoin bears align with the price action of August 4 and 5, but this would also mark the beginning of another phase.

The short-term formation favors sellers and this outlook shows in the coin’s performance in the past day and week. As we can see from coin trackers, Bitcoin is stable after the bounce on September 8. However, it is down 5% in the previous week. At the same time, dropping prices is negatively impacting engagement, looking at the fast-falling trading volume at around $22 billion.

Traders are actively looking at the following trending Bitcoin news:

Bitcoin Price Analysis

BTC/USD is under immense selling pressure.

At press time, the coin is down nearly 21% from July highs.

As it is, every high below $56,500 might offer entries to sellers targeting $50,000 in a bear-trend continuation.

Note that prices are banding along the lower BB, pointing to high selling momentum and volatility.

Moreover, prices are inside the bear bar of September 7—the breakout bar.

Accordingly, assuming Bitcoin remains below July lows, the coin would slip even lower, trending toward August lows.

Any uptick above $65,000 cancels this bearish outlook.

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