Bitcoin (BTC) Price Analysis: BTC/USD Is Under Pressure, Sliding and Weak, Losing Roughly 10% in the Past Week Alone

Bitcoin is stable, containing losses yesterday, but the path of least resistance remains. Unless otherwise, there is a refreshing bounce toward $66,000

Bitcoin price is showing signs of stability after a turbulent week, but the downtrend continues.

BTC price dropped to a low of $60,200 on Friday, September 23, as bears attempted to push the coin below the crucial support at $60,000. However, buyers stepped in and defended this level, leading to a slight recovery in the second half of the day.

At the time of writing, Bitcoin is trading around $60,700, down nearly 7% for the week. Despite the recent losses, BTC price is still up more than 100% year-to-date.

A wave of selling pressure emerged on Monday, September 19, after Bitcoin price failed to clear resistance at $66,000. The coin dropped sharply over the next four days, losing a total of 10% from Monday’s high.

The sell-off was largely driven by profit-taking after Bitcoin price rallied to new all-time highs earlier this month. However, the sell-off was also exacerbated by a number of negative news stories, including a report that the Chinese government is planning to ban cryptocurrency mining again.

The sell-off finally came to an end on Friday as buyers stepped in to defend the $60,000 support level. The coin rebounded slightly from this level and closed the day in the green.

However, the downtrend is still intact, and Bitcoin price could continue to fall in the coming weeks. The next major support level is at $57,000, and a break below this level could trigger a further sell-off.