Bitcoin [BTC] Price Prediction: BTC Kicks Off This Week On A Bearish Tone After Showing Bullish Weakness During The Weekend

Bitcoin [BTC] has kicked off this week on a bearish tone after showing some bullish weakness during the weekend.

Bitcoin [BTC] began the week on a bearish note after displaying some bullish weakness over the weekend. The coin maintained a steady rally for the last three weeks but might be up for a retracement.

Bitcoin’s rally came in line with the return of strong bullish sentiment this month. Crowd sentiment shifted aggressively from fear to greed in a matter of weeks.

The same was observed in smart money sentiment, but the latter has more impact over directional changes.

BTC’s smart money sentiment recently shifted back towards the side of fear. This aligns with the return of sell pressure this week.

On the other hand, crowd sentiment remained on the side of greed. An analysis of large holder flows showed a decrease in Bitcoin address inflows over the last 10 days.

There was also a net gain in large holder outflows during the same period.

Large holder inflows were down to 101.15 BTC during Sunday’s trading session. Large holder outflows were higher at 360 BTC, confirming that large addresses had net outflows, shifting from bullish to bearish momentum.

There was also a notable spike in sell volume in the last 24 hours, not as much as what we observed on Friday.

The difference is that this time the level of liquidations has been decreasing as opposed to the rising liquidations last week.

There was also a slight uptick in the number of shorts executed in the last 24 hours. This confirms a surge in bearish sentiment.

Will Bitcoin slip below $60,000?

Bitcoin is set to close September in the green despite the return of sell pressure. BTC was trading at $64,073 at press time, which marks an 8.67% upside from its September opening price.

The coin pulled off a 26.64% gain from its lowest price, to its highest price in the last four weeks.

BTC’s latest pullback has not shown robust sell pressure so far. However, the market is still subject to change, especially in the event of a major FUD event.

But in the event of a massive surge in sell pressure, Bitcoin may find its next support level between $57,955 and $59,589.

On the other hand, if Bitcoin kicks off September on a bullish tone, we could witness a bullish flag breakout. This would further validate its recovery and potential push into price discovery.

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