Bitcoin Price Analysis: Bearish Divergence Hints at $60K Correction – Buy the Dip?

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Arslan Butt

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Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

September 29, 2024

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Bitcoin (BTC) faces increased bearish pressure, as a divergence on the 4-hour chart suggests a possible correction toward $60,000.

Crypto analyst Crypto Bullet tweeted about a “bearish divergence at the top,” indicating that a further price drop could be imminent.

If BTC falls below $63,520 support, it may test the $60,000 mark. Traders remain cautious but anticipate a potential buying opportunity at lower levels.

China’s Ex-Finance Minister Urges Cryptocurrency Research After U.S. Bitcoin ETF Approval

Former Chinese Finance Minister Lou Jiwei has called for increased research into cryptocurrencies following the recent approval of Bitcoin ETFs in the U.S. Speaking at the 2024 Tsinghua Wudaokou Chief Economists Forum, Lou highlighted the risks of digital assets, including volatility, financial instability, and potential misuse for money laundering.

He emphasized the importance of understanding global trends to assess the impact of the digital economy on international markets, especially amid evolving U.S. regulations.

• Key Concerns: Financial security, money laundering, and market volatility.
• Implications: Lou’s comments suggest China might revisit its crypto stance, impacting Bitcoin’s global perception and price.

Cantor Fitzgerald CEO: Bitcoin Should Be Regulated Like Gold

Howard Lutnick, CEO of Cantor Fitzgerald, recently stated in a Fox Business interview that Bitcoin should be treated as a commodity, similar to oil and gold. He called for clearer regulations for the cryptocurrency market, expressing concern over regulators’ lack of understanding.

During the Bitcoin 2024 conference, Lutnick announced a $2 billion Bitcoin loan program to help integrate Bitcoin into mainstream finance. As a co-chair on Donald Trump’s transition team, Lutnick’s views could potentially influence future crypto regulations.

Key Points:

• Bitcoin’s classification as a commodity.
• $2 billion BTC loan initiative by Cantor Fitzgerald.
• Potential impact on regulatory outlook.

Lutnick’s support for Bitcoin could enhance its legitimacy and lead to broader adoption within traditional finance.

After Bolivia Lifts Crypto Ban, Trading Volumes Double

In June, the Central Bank of Bolivia lifted its ban on using banking channels for cryptocurrency transactions, leading to a surge in trading volumes. According to the bank, cryptocurrency trade volumes in Bolivia jumped from $7.6 million (January 2023 to June 2024) to $15.6 million in just three months after the ban was relaxed.

Stablecoins, particularly those pegged to the U.S. dollar, dominated the market, with total trading volumes reaching $46.8 million during this period. Additionally, the number of transactions increased by 141%, reflecting growing interest in digital assets.

Edwin Rojas Ulo, president of the Central Bank, emphasized Bolivia’s commitment to fostering cryptocurrency adoption and highlighted the role of stablecoins as a reliable dollar alternative. The bank’s decision could attract more investors to digital assets, making Bolivia a key player in Latin America’s emerging crypto market.

The relaxation of the ban and subsequent trading boom may serve as a catalyst for Bitcoin’s global acceptance, positioning Bolivia as a model for other countries reconsidering their crypto policies.

Michael Saylor Swaps Bitcoin for Water in New Viral Post

Former MicroStrategy CEO Michael Saylor recently made waves in the Bitcoin community with a humorous social media post. Sharing an AI-generated image of an orange can labeled “Bitcoin,” Saylor joked, “I only drink Bitcoin,” referencing his famous phrase, “there’s no second best.”

Known for his staunch support of Bitcoin and dismissal of altcoins, Saylor’s playful metaphor quickly became a meme, sparking reactions across social media.

His post also drew the attention of gold advocate Peter Schiff, who criticized Saylor’s comparison, stating that Bitcoin, like the empty can in the image, lacks intrinsic value. Schiff reiterated his long-standing belief that gold, with its tangible worth, is a more reliable asset than digital currencies.

Saylor’s ongoing promotion of Bitcoin continues to energize his followers, while sparking debates with critics like Schiff.

His influence, particularly among institutional investors, helps maintain Bitcoin’s prominence in the market, driving both price stability and increased adoption despite ongoing controversies.

Bitcoin Price Outlook —September 30

Bitcoin’s recent slide below the $64,200 support level has triggered a bearish bias, with prices currently consolidating just above the immediate support of $63,520. A further decline could push BTC toward the next support at $63,130 and then $62,680.

On the upside, the pivot point at $64,200 serves as the first resistance level, followed by $64,990 and $65,670.

The Relative Strength Index (RSI) is trending lower at 31.81, signaling a bearish sentiment, and a drop below 30 could confirm oversold conditions, potentially leading to more selling pressure.

Meanwhile, the 50-day Exponential Moving Average (EMA) at $64,990 now acts as a critical resistance, indicating that the bearish trend may continue unless BTC reclaims this level.

Key Insights:

• Immediate Support: $63,520 – A break below this could deepen losses.
• Resistance Levels: $64,200 and $64,990 – Key barriers for bulls to overcome.
• Bearish Momentum: RSI at 31.81 and price below the 50-EMA suggest a cautious outlook.

Overall, Bitcoin’s technical setup signals continued bearish pressure, with traders watching the $63,520 support closely for further direction.

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