Bitcoin faces selling pressure due to rejection at an important resistance level, as warned by Crypto Patel, while Bitcoin still trades above important EMA support levels as it trades in a range of recovering and correcting markets.
At the time of writing, BTC is trading at $78,460, down 1.61% over the last 24 hours. Bitcoin’s 24-hour trading volume stands at approximately $27.87 billion, while its market capitalization is around $1.57 trillion.
Bitcoin Price Faces New Selling Pressure
On September 8, 2026, a crypto analyst, Crypto Patel, noted that BTC had been rejected from the $82,500 area. This rejection took place in the immediate vicinity of the resistance area marked out in the earlier market setup.
The current price action for Bitcoin is under pressure at $83,000. According to Crypto Patel, unless Bitcoin can break through $83,000 and sustain a strong daily close, its higher time frame price action will remain bearish.
A breakout from there could help weaken the bearish technicals for Bitcoin, allowing it some room to move forward in its recovery phase.
In the case of a bearish trend, Crypto Patel highlighted the possibilities of $68,000, $62,000, and $57,700. However, $50,000 might be a possible target for Bitcoin as the coin might lose some critical levels of support.
These targets may be technical targets only, as the price of Bitcoin can change direction rapidly due to changing market dynamics.
Also Read | Bitcoin Price Breakout and ETF Demand Point to a Move Toward $100K
Bitcoin Remains Above Key EMA Levels
Although there has been rejection, Bitcoin’s technical structure seems to be getting some support.
BTC is currently trading above four important exponential moving averages. These consist of the 20-day EMA, which is at $76,889; the 50-day EMA, which is at $72,277; the 100-day EMA, which is at $70,382; and the 200-day EMA, which is at $72,762.
Trading above these averages may allow the BTC price to attempt a move towards the $82,500-$83,000 resistance level. Trading below the 20-day EMA, on the other hand, may
Falling to further lows near the 50-day or long-term EMAs will be indicative of a bearish situation and may raise the probability of Bitcoin falling towards support zones.
The RSI indicator with a period of 14 days for Bitcoin stands at approximately 59.97. It means that buyers are dominant, although they lack the momentum compared to before.
Currently, the RSI is trading below its signal average of 69.51. Breaking above 60 may enable further advances towards resistance levels.
As far as the Bitcoin price is concerned, the RSI, EMA levels, and $83,000 resistance level present many valuable technical signals for the market to consider.
Why the Bitcoin Price Setup Matters
With Bitcoin still being the biggest cryptocurrency by market capitalization, a major correction in BTC could impact the digital asset market as well. Should BTC lose key support levels below, other cryptocurrencies may find themselves under increased selling pressure too.
On the bright side, regaining $83,000 on a daily close will shift the overall technical outlook and bring back hope for further gains.
In any case, the most critical aspect now is whether Bitcoin will be able to transform the $82,500-$83,000 region from resistance to support.
What Happens Next
The Bitcoin price can be expected to maintain the range of $76,000-$83,000 for the time being. Maintaining above the 20-day EMA may allow the buyers another chance to test the resistance levels. On the other hand, moving below the nearby support level may indicate a strong case for further correction.
As of now, $83,000 is the major invalidation level for the bulls, as pointed out by Crypto Patel. Bitcoin will be in a situation of being between two extremes until it closes a convincing trade above this region.
Also Read | Bitcoin Price Holds Near $79K as ETF Inflows Support Demand
Be the first to comment