**Bitcoin Price Faces Pressure as September Begins, Eyes $100K Support**
Bitcoin (BTC) enters September under significant pressure following a challenging close in August. After reaching a new all-time high of just over $124,000 in mid-August, the cryptocurrency has experienced three consecutive weekly red candle closes, indicating a shift in momentum towards bearish sentiment. The latest weekly candle closed near its lows, further confirming this trend.
The MACD oscillator has also indicated a bearish crossover at the weekly close, suggesting that downward pressure may persist as we move into the new month. The Relative Strength Index (RSI) is currently positioned just above the neutral 50 line, marking its lowest point since mid-April.
As September unfolds, Bitcoin is poised to test support levels established during the May-to-June price consolidation. Bulls are hoping that the high-volume node around $104,000 to $105,000 will hold, preventing this week’s candle from closing below that critical threshold. Conversely, bears are aiming to push the price below this support, targeting the significant 1.618 Fibonacci extension level from the 2022 bear market at $102,000.
A close this week around $102,000 or lower would be detrimental for bulls, as it could lead to a breach of the psychologically important $100,000 level, potentially testing the last major swing low at $98,000. A drop below $100,000 would lend credence to the theory that the long-term peak has been reached. The $96,000 mark represents the last line of defense for bulls if the price continues to decline through these upper support levels.
As we head into this week, market participants will be watching closely to see if buyers can step in and reverse the current trend at the $105,000 level. Bulls are eager to regain control and establish a reversal candle, but for now, bears are firmly in charge and will likely continue to exert selling pressure throughout September.
**FAQ**
**What does it mean for Bitcoin to test support levels?**
Testing support levels refers to the price approaching a previously established level where buying interest is expected to emerge. If the price falls below this level, it may indicate a shift in market sentiment and potential further declines.
