Bitcoin (BTC) Price Analysis: BTC/USD Bears Eyeing 57,600 Support as RSI Flashes Sell Signal

Bitcoin prices have been falling since they peaked at 66,450 and have been hovering within the 50- and 100-day simple moving averages (SMAs) over the last couple of days.

Bitcoin prices have been declining since hitting a high of 71,885 on June 7, with the latest price being 57,660. If the market continues to fall, support could be found at 57,600, followed by 52,470, which was the low on September 7.

On the other hand, if the market manages to climb above the 100-day simple moving average (SMA), it may re-challenge the 200-day SMA, which is currently around 63,540. Further increases could open the way towards the previous high of 66,450 before heading north to the 69,950 resistance level.

Relative Strength Index (RSI) is currently in a strong declining move, having crossed beneath the 50 zone after the rally to the overbought region, suggesting a steeper downside trend.

Overall, bitcoin has been in a bearish trend since hitting a high of 71,885 on June 7, and any new lows below the 49,480 bottom could support this outlook. However, a rise above 71,885 could shift the outlook to a more bullish one.

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