Convergence

Bitcoin

Divergence

<ul> 
 <li><strong>Bitcoin price dropped by 4.25% in the last 24 hours as per CMC data.&nbsp;</strong></li> 
 <li><strong>The cryptocurrency’s US spot ETFs witnessed massive outflows on September 3.</strong></li> 
</ul> 
<p>Crypto traders have inclined their attention towards Bitcoin in the past month anticipating for price recovery. The cryptocurrency, on the other hand, showed redundant struggles to break resistance beyond $65K. Prices have consolidated at the $59K level since August. In the last 24 hours, Bitcoin prices revisited support levels at $56,000.&nbsp;</p> 
<p>Notably, the largest cryptocurrency’s downward movement has reflected on the overall market cap and leading altcoins such as <a href="https://thenewscrypto.com/is-ethereum-poised-for-an-imminent-bullish-rebound/" target="_blank" rel="noreferrer noopener">Ethereum</a>. Bitcoin began its price fall in the Asian evening hours of September 3 and sustained the movement into the past hours. At the time of writing, Bitcoin was trading at $56,545 as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">data</a>.&nbsp;</p> 
<p>Additionally, the token rendering to the bearish movement hit a 20-day low of $55,663 in the last few hours. While Bitcoin’s Q3 2024 has been quite bearish its Year-to-date price performance stands positive showing a 33.25% price increase.&nbsp;</p> 
<p>Furthermore, Bitcoin’s US <a href="https://thenewscrypto.com/u-s-spot-bitcoin-etfs-see-94-million-net-outflow-in-august/" target="_blank" rel="noreferrer noopener">spot ETFs</a> witnessed massive outflows post the US labour day on September 3. According to Sosovalue data, the ETFs recorded $287.78 million in daily net flows which is the second highest since $563.77 million one-day outflow on May 1. Among individual ETFs, 8 out of the 12 saw outflows. The remaining four ETFs showed zero net flows.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-what-do-technical-indications-depict-for-bitcoin-price">What Do Technical Indications Depict for Bitcoin Price?</h3> 
<p>On inferring technical indicators data on Bitcoin’s daily price chart, the cryptocurrency’s price saw a death crossover on August 10 in the 50-day and 200-day MA. This bearish indication is further highlighted by the Moving Average Convergence and Divergence (MACD) indicator.&nbsp;</p> 
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  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeuuHKWjJtK5knraiaEcIYhc2UHEPfAwptEEyEJOfGJgDLGnw2GIa2658icDTDpsG_wPbiwv27GEfWRmEa7SzkjGFaAy-RQn1hNGOptzG_8vfm1G0ZI_lrIjILyF0_MilMDW8FmxGjfY2RXQya-J19BMuZx?key=wQLEdRczxuOCMwASO3eguw" alt="">
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<p>In the above chart, the signal line stands below the MACD line suggesting the current bearish trend. Moreover, BTC showed $53.82 million in 24-hour liquidations as per coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">data</a>. The token’s <a href="https://www.tradingview.com/x/mmyUm4xG/" target="_blank" rel="noreferrer noopener nofollow">RSI</a> stands at 39.60 showing the market selloffs as per TradingView data.&nbsp;</p> 
<p>Furthermore, market analyst Ali popularly known as @ali_charts in the past few days stated that short-term BTC HODLers have shown selling activity since mid-August.&nbsp;</p>

Bitcoin Surrenders to Bears with Major Dips and ETF Outflows

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TheNewsCrypto

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