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Bitcoin (BTC) has continued its downward trend, currently trading around $53,081, as indicated on the 4-hour chart. The total global cryptocurrency market capitalization is at $1.95 trillion, showing a decline of more than 2.5% over the past 24 hours.
Market participants are keenly anticipating the forthcoming US Non-Farm Payroll (NFP) report, which may affect the Federal Reserve’s approach regarding possible interest rate reductions.
On Friday, September 6, about 13,500 Bitcoin options contracts, with a combined notional value of approximately $776 million, are scheduled to expire. The expiration of Bitcoin options typically results in increased volatility. Should traders modify their positions, it could lead to a price rebound.
Nevertheless, if negative sentiment continues, the downturn may worsen. This expiration represents a critical juncture for Bitcoin, as market sentiment remains split, contributing to the existing uncertainty regarding BTC’s short-term prospects.
Bitcoin Confronts Bearish Sentiment Ahead of $776M Options Expiry: Will Prices Fall Below $50K?
On Friday, September 6, around 13,500 Bitcoin options contracts, valued at roughly $776 million, are set to expire. Although this expiration is smaller than the previous end-of-month occurrence, its immediate impact on Bitcoin’s price is anticipated to be limited.
The current put/call ratio is at 0.82, indicating a slight inclination towards call options, yet the overall market sentiment remains pessimistic. Bitcoin is trading near $53,081, significantly below $56,000, and the Fear and Greed Index indicates “extreme fear.”
BREAKING: Bitcoin Options Expiry: $760 Million in BTC Contracts Set to Mature Amid Market Optimism#Bitcoin #BTC $BTC
— Crypto Chiefs News (@CryptoChiefNews) September 6, 2024
- Bitcoin briefly dipped to $53,000 before a slight recovery.
- Market sentiment, influenced by former BitMEX CEO Arthur Hayes’ forecast, suggests a potential decline below $50,000.
As the wider cryptocurrency market faces challenges, Bitcoin remains under pressure. Despite the substantial open interest, the effect of the options expiry may be minimal, with prices likely to stay subdued.
Daily Technical Outlook: Bitcoin (BTC/USD) – September 6, 2024
Bitcoin continues to face pressure, trading around $53,081, as it persists in its descent within a clearly defined downward channel.
The pivot point is at $54,350, and failing to surpass this level could indicate further declines. Immediate support is at $52,603, with subsequent support levels at $51,286 and $49,778.
The RSI currently stands at 36, suggesting oversold conditions, while the 50-day EMA at $57,585 acts as resistance, reinforcing the bearish outlook.
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A breakdown below $52,603 may heighten selling pressure, pushing the price lower. Conversely, a rise above $54,350 could pave the way for a potential short-term recovery.
Key Insights:
- The pivot point at $54,350 is essential for short-term direction.
- The RSI at 36.58 indicates oversold conditions, hinting at a possible rebound.
- A drop below $52,603 could result in a more significant sell-off, targeting $51,286 next.
Conclusion: Sell below $54,350 for potential downside targets.
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Bitcoin Adoption Grows as Crypto All-Stars Approaches $1M in Presale
As Bitcoin adoption continues to accelerate, the newly launched Crypto All-Stars platform is gaining attention.
With just over 12 hours left in its presale, the platform has successfully raised $1,011,215 out of its $1,198,628 goal. The presale is nearing its end, with the current rate at 1 $STARS = $0.0014248.
Crypto All-Stars is leveraging Bitcoin’s prominence to provide innovative staking opportunities, merging the leading cryptocurrency with popular meme coins.
Although Bitcoin itself is not a meme coin, its substantial market influence is attracting interest in initiatives like Crypto All-Stars, which offers unique staking options for both Bitcoin and meme coin holders.
Since its inception, Crypto All-Stars has garnered considerable attention, raising over $730,000 in just one week. With a strategic token allocation aimed at long-term growth, this platform presents an appealing investment opportunity.
Meme coin holders seeking to enhance their investments can consider Crypto All-Stars as a viable alternative. Visit the website to acquire $STARS using ETH, USDT, BNB, or by card.
Follow them on social media – X (Twitter) | Telegram to stay informed about all their development plans.
Visit Crypto All-Stars
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