"Bitcoin closed the month of August with a disappointing week for the bulls. After making a new all-time high in mid-August at just over $124,000, bitcoin has put in three red candle closes in a row on the weekly chart. This past week's candle closed down near the lows, swinging momentum clearly over to the bears. The MACD oscillator confirmed a bearish cross on the weekly close as well, which should help maintain downward pressure entering this week."
"This first week of September will see bitcoin heading down to test the support levels from the May-to-June price consolidation. Bulls will be looking for the high-volume node around $104,000-105,000 to hold price, and ideally prevent this week's candle from closing below that level. Bears will be trying to push the price down through this support back to the key 1.618 Fibonacci extension level from the 2022 bear market at $102,000."
"Closing this week in the $102k vicinity or lower would be very bad for the bulls, as it would threaten to break below the infamous laser eyes level of $100,000 and test the last major swing low at $98,000. Taking out $100,000 to the downside would give a lot of weight to the "long-term top is in" thesis. $96,000 is basically the last line of defense here for the bulls if price manages to slip through all those upper support levels."
Bitcoin entered September under selling pressure after three consecutive weekly red closes following a mid‑August all‑time high near $124,000. The weekly MACD confirmed a bearish cross and the RSI fell to its lowest level since mid‑April, remaining just above 50. Price is expected to test May–June consolidation support, with bulls hoping the high‑volume node around $104,000–$105,000 holds. Bears aim to push through that support toward the 1.618 Fibonacci extension at $102,000. A weekly close near or below $102k would risk breaching $100,000 and potentially test the $98,000 swing low, with $96,000 as a final bullish defense.
Read at Bitcoin Magazine
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