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The Bitcoin market suggests a cautious outlook among traders, with current price trends indicating the possibility of a decline below recent levels in the near term. Currently, Bitcoin is trading approximately 10% above its eight-month low, observed earlier in August. Recent data highlights that on September 6, Bitcoin experienced a significant correction, declining over 5.9% from a high to an intra-day low.
Analysts are now closely monitoring the $52,000 mark, which is seen as a critical support level. Popular trader Jelle has noted a deeper push toward this support level in recent analyses, linking the recent price decline to disappointing U.S. jobs data that has raised concerns about the labor market's health. Jelle pointed out that {Bitcoin} (BTC) price has breached key support zones, including a notable psychological level and the 200-day simple moving average, suggesting that maintaining the $52,000 level is crucial to avoid further declines.
In addition, fellow analyst Daan Crypto Trades has outlined two scenarios based on Fibonacci retracement levels. The first scenario involves a potential bounce from the 61.8% retracement level, while the second scenario foresees a possible breakdown below key support levels, which could establish a new entry point near the 78.6% retracement level.
Michael van de Poppe of MN Consultancy has highlighted a likely support zone between $53,000 and $54,000, suggesting a potential rebound if Bitcoin can reclaim higher levels quickly.
On another front, a CryptoQuant chart shared by analyst Kyledoops reveals a decrease in the percentage of Bitcoin's Unspent Transaction Outputs (UTXOs) in profit since mid-July. This trend indicates increased profit-taking behavior among market participants. Historically, declines in UTXOs in profit have often been followed by significant price rallies, as observed in early 2023 when Bitcoin experienced a substantial increase in value.
Overall, the current market conditions suggest a focus on critical support levels and investor behavior metrics as key factors in determining Bitcoin's near-term price trajectory.
