Bitcoin (BTC/USD) Analysis – September 5, 2024

Bitcoin is currently trading within a downward channel at $56,551, with immediate resistance at $59,329. The 50-day EMA at $58,225 and RSI of 41 suggest bearish momentum. If BTC breaks below $55,573, the next supports are $54,000 and $52,138. Watch for a breakout above $57,445, which could change the trend to bullish. For now, the bias remains bearish under the $57,445 pivot.

Key Levels to Watch:

• Resistance: $59,329, $61,192
  
• Support: $55,573, $54,000
  
• Pivot Point: $57,445
  

Trade Idea:
Bearish below $57,445; a breakout above this could trigger a bullish move.