Bitcoin (BTC) has extended its decline, now trading near $53,081, as shown on the 4-hour chart. The global crypto market cap stands at $1.95 trillion, reflecting a 24-hour drop of over 2.5%.

Investors are anxiously awaiting the upcoming US Non-Farm Payroll (NFP) report, which could influence the Federal Reserve’s stance on potential interest rate cuts.

On Friday, September 6, approximately 13,500 Bitcoin options contracts, with a total notional value of around $776 million, are set to expire. Bitcoin options expirations often lead to heightened volatility. If traders adjust their positions, it could trigger a price recovery.

However, if bearish sentiment persists, the decline could deepen. This expiry presents a pivotal moment for Bitcoin, as market sentiment remains divided, adding to the current uncertainty surrounding BTC’s near-term outlook.

Bitcoin Faces Bearish Sentiment Ahead of $776M Options Expiry: Will Prices Drop Below $50K?

On Friday, September 6, approximately 13,500 Bitcoin options contracts, worth around $776 million, are set to expire. While this expiry is smaller than the previous end-of-month event, its immediate effect on Bitcoin’s price is expected to be minimal.

The current put/call ratio stands at 0.82, signalling a slight preference for call options, yet overall market sentiment remains bearish. Bitcoin is trading around $53,081, well below $56,000, and the Fear and Greed Index shows “extreme fear.”

As the broader cryptocurrency market struggles, Bitcoin remains under pressure. Despite the high open interest, the impact of the option’s expiry may be limited, with prices likely to remain subdued.

Daily Technical Outlook: Bitcoin (BTC/USD) – September 6, 2024

Bitcoin remains under pressure, trading near $53,081, continuing its descent within a well-defined downward channel.

The pivot point stands at $54,350, and a failure to break above this level could signal further declines. Immediate support lies at $52,603, with the next support levels at $51,286 and $49,778.

The RSI is currently at 36, indicating oversold conditions, while the 50-day EMA at $57,585 serves as resistance, reinforcing the bearish bias.

A breakout below $52,603 may intensify selling pressure, driving the price further down. Conversely, a push above $54,350 may open the door for a potential short-term recovery.

Key Insights:

Conclusion: Sell below $54,350 for potential downside targets.

Bitcoin Adoption Grows as Crypto All-Stars Nears $1M in Presale

As Bitcoin adoption continues to gain momentum, the newly launched Crypto All-Stars platform is making waves.

With just over 12 hours remaining in its presale, the platform has successfully raised $1,011,215 out of its $1,198,628 target. The presale is quickly approaching its conclusion, with the current rate at 1 $STARS = $0.0014248.

Crypto All-Stars is harnessing Bitcoin’s influence to offer innovative staking opportunities, integrating the leading cryptocurrency with popular meme coins.

While Bitcoin itself isn’t a meme coin, its significant market dominance is driving interest in projects like Crypto All-Stars, which provides unique staking options for both Bitcoin and meme coin holders.

Since its launch, Crypto All-Stars has attracted significant attention, raising over $730,000 in just one week. With strategic token allocation designed for long-term growth, this platform presents an enticing investment opportunity.

Meme coin holders looking to maximize their investments can explore Crypto All-Stars as a strong alternative. Visit the website to purchase $STARS with ETH, USDT, BNB, or by card.

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