The Great Immortal said: The overall market is weak on September 3, affecting Bitcoin miners' earnings! BTC may enter a bear market again

In August 2024, global Bitcoin miners faced the most challenging month of the year, with total earnings dropping to $851.36 million, a new low for the year, down $99.75 million from July, indicating that pressure on miners continues to expand. As Bitcoin miners' earnings hit a new low in August, the market has become more cautious about the outlook for the coming months. Despite the ongoing development of the global crypto market and continuous technological innovations, the price volatility of Bitcoin, reduced network transaction activity, and intensified market competition still pose significant pressure on miners.
Bitcoin's $56,000 is a key support level; if it cannot hold this level, it may trigger a deeper correction, further exacerbating investors' concerns about market volatility. At the same time, if Bitcoin's price does not rebound in the short term, miner earnings may decline further, posing greater challenges for small mining pools. Some small mining pools may exit the market due to persistently low earnings, leading to larger mining pools further consolidating their market position.
After Bitcoin dropped to a low of $57,116 yesterday morning, it began a volatile rebound, peaking near $59,800 after 7 AM today, returning to a trading zone that has been active for nearly a month. Since the U.S. markets were closed last night for Labor Day, significant volatility is expected when U.S. stocks open tonight. Whether the current resistance can be successfully converted into support will take time to verify, but if further declines occur, testing the $55,000 level cannot be ruled out. As of the time of writing, Bitcoin is priced at $59,069, up 3.14% in the last 24 hours.
Bitcoin 4-hour chart

First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the middle band is currently flat, indicating that the market is in a phase of consolidation. The price is near the middle band, suggesting that Bitcoin may soon face a directional choice. If the price can firmly stay above the middle band and break through the upper band with strength, this could be a positive signal indicating that Bitcoin's price may rise further. However, if the price cannot effectively stabilize above the middle band, the market may choose to adjust downward.
Secondly, according to the KDJ indicator on the 4H Bitcoin chart, the K and D lines are hovering near high levels, while the J line has slightly retreated, reflecting that the strength of the rebound in the short term has begun to weaken. If the K and D lines continue to form a downward crossover in the high area, creating a death cross, and move further towards 50, Bitcoin's price may experience a pullback in the short term.
Finally, according to the MACD indicator for Bitcoin, the DIF line and DEA line are gradually approaching below the 0 axis, and the MACD green histogram is gradually shortening, indicating that bearish strength is weakening. If the DIF line continues to cross above the DEA line to form a golden cross, this could be a signal that the market is about to reverse, but it is still in a weak zone and requires continuous observation of the breakout situation.
Bitcoin 1-hour chart

First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, Bitcoin's price is currently between the middle band and the upper band. Although there has been a slight pullback, the upward trend of the middle band indicates that the market still has upward momentum in the short term. This trend shows that the market is currently active and has the potential to continue rising. If the price can maintain above the middle band and successfully break through the upper band, there will be greater upward space in the market. Conversely, if the price falls below the middle band, it may further test the lower band support.
Secondly, according to the KDJ indicator on the 1H Bitcoin chart, the K and D lines are currently hovering below 50 and show a downward trend. The J line has crossed below the K and D lines, forming a death cross, indicating a bearish signal in the short term. If the K and D lines continue to move downward and fall below the 20 area, this may mean that the market will further explore downward and may experience greater downward space.
Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are operating above the 0 axis, and the DIF line is crossing down through the DEA line, forming a death cross. At the same time, the MACD red histogram is beginning to shorten, indicating that bearish strength is increasing, which typically suggests that the market may experience some pullback pressure in the short term.
In summary, the following suggestions are provided for reference:
Short Bitcoin at the rebound level of $59,200-$59,500, targeting $58,460-$57,500, with a stop loss at $59,850.
Time of writing: (2024-09-03, 16:00)
(Written by - Daxian Says Coin)