Bitcoin

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) preserved short-term support on Sept. 17 as crypto market sentiment suffered.
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 <img alt="Bitcoin trader says it’s still ‘too early’ to call BTC price bottom" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ff1b-7402-7a17-aff4-1873364b5880">
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 BTC/USD 1-day chart. Source: TradingView
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<h2 id="br-bitcoin-battles-trend-lines-as-trader-faith-wanes"> Bitcoin battles trend lines as trader faith wanes</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed BTC price action reclaiming $58,000 into the Asia trading session.
After a broad sell-off at the Wall Street open the day prior, BTC/USD appeared to stabilize as the 21-day simple moving average (SMA) remained a foundation.
“To be clear, losing the 21-Day MA is not good, but IMO, closing above the 50-Week MA is far more important,” Keith Alan, co-founder of trading resource Material Indicators, <a data-ct-non-breakable="null" href="https://x.com/KAProductions/status/1835691393420812542" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KAProductions/status/1835691393420812542">wrote</a> in part of a warning on X during the US trading session drawdown.
At the time of writing, the 21-day and 50-week SMAs stood at $57,858 and $53,945, respectively.
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 <img alt="Bitcoin trader says it’s still ‘too early’ to call BTC price bottom" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ff17-8a39-7550-984b-fb12c5cf16af">
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 BTC/USD 1-hour chart with 21-day, 50-week SMA. Source: TradingView
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Popular trader Jelle, meanwhile, <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1835950630755541083" rel="null" target="null" text="null" title="null">noted</a> that the 50-week exponential moving average (EMA) continued to function as market support in line with the past 20 months of the Bitcoin bull market.
“Bull market summer chop has become a regular occurrence,” he <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1835952881565868366" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/CryptoJelleNL/status/1835952881565868366">told</a> X followers.&nbsp;
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 “The previous two chopfests both ended with new highs in the third week of October. We'd be about a month away from new all-time highs if this time plays out the same.”
</blockquote>
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 <img alt="Bitcoin trader says it’s still ‘too early’ to call BTC price bottom" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ff18-df7a-72e3-a4f6-b14b72d6450f">
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 BTC/USD chart. Source: Jelle/X
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Jelle echoed a theory recently put forward by commentators, including crypto trader, analyst and entrepreneur Michaël van de Poppe, who <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/markets-see-0-5-fed-rate-cut-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">reiterated his belief</a> in a return to BTC price discovery next month.
For trader and analyst Josh Rager, however, it was too soon to adopt a clear optimistic stance on BTC price performance.
“People keep calling the ‘first higher-low’ on the $BTC chart. But people were saying the same thing in June,” he <a data-ct-non-breakable="null" href="https://x.com/Rager/status/1835707712165773550" rel="null" target="null" text="null" title="null">argued</a> about daily timeframes.
<blockquote>
 “Then Bitcoin rejected the midline of the trend and formed a new low.”
</blockquote>
<figure>
 <img alt="Bitcoin trader says it’s still ‘too early’ to call BTC price bottom" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ff19-7f4d-702d-941a-0767f77c57f7">
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 BTC/USD 1-day chart. Source: Josh Rager/X
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An accompanying chart showed a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-needs-59-1-k-weekly-close-btc-price-all-time-high" rel="null" target="null" text="null" title="null">downward-sloping channel</a> in place since March’s latest all-time high, with a regular succession of lower highs and lower lows.
“Not saying a new low comes here but calling this the bottom is a bit too early. Price rejected again,” he concluded.
<h2 id="br-crypto-sentiment-takes-a-fresh-hammering"> Crypto sentiment takes a fresh hammering</h2>
Meandering price action on Bitcoin, meanwhile, contributed to a fresh dip in the overall crypto market mood.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-60k-double-breakout-zone" rel="null" target="null" text="null" title="null">Can Bitcoin price overcome the $60K 'double breakout' zone?</a>
The latest data from the Crypto Fear &amp; Greed Index <a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="nofollow noopener" target="_blank" text="null" title="https://alternative.me/crypto/fear-and-greed-index/">recorded</a> a value of 33/100 on Sept. 17 —&nbsp;a dip of 17 points in just two days.
Sentiment thus dropped from “neutral” to “fear” after a BTC price drop of little more than 4%.
<figure>
 <img alt="Bitcoin trader says it’s still ‘too early’ to call BTC price bottom" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191ff1a-2c8f-7959-af11-eba8c4d30a0d">
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 Crypto Fear &amp; Greed Index (screenshot). Source: Alternative.me
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin trader says it’s still ‘too early’ to call BTC price bottom

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