On September 2, Bitcoin experienced significant price movements, having concluded the previous week with a noteworthy decline. Following a period of uncertainty around a crucial price threshold, Bitcoin ultimately broke through this level, closing the week on a strongly bearish note. Current indicators suggest that the cryptocurrency may be poised for further declines.

To reflect on recent developments, August commenced with a tumultuous drop for Bitcoin, which fell from its previous high of $70,000. However, the month saw a positive turnaround as Bitcoin rebounded impressively from a six-month low of $49,000. By late August, the cryptocurrency had reached approximately $65,000, but this was followed by consecutive rejections that led to a price drop to about $58,000. During the latter part of August, Bitcoin briefly stabilized around the $60,000 mark.

As of yesterday, marking the advent of September, Bitcoin breached the $57,000 barrier and displayed a strong bearish closing. At the time of this report, the price has seen a slight increase, trading at approximately $57,641. Analyzing the market from a technical perspective, it is anticipated that Bitcoin is likely to experience further losses in the upcoming days, with the $45,000 level appearing to be a probable target in the present downtrend.

Notably, Bitcoin’s daily timeframe demonstrates a falling broadening wedge pattern, which remains intact. A decisive breakout from this formation will be critical in determining the cryptocurrency’s next directional movements.

### Key Levels for Monitoring

At this juncture, the immediate support level is noted at $56,078, succeeded by the previous low of $53,486 established in July. Further support is indicated at $51,000, corresponding to February’s low, with the six-month low of $49,000, reached in August, also presenting a significant point of interest.

In terms of resistance, after last week’s downward trend, Bitcoin’s minor resistance is now pegged at $61,190, while the prior month’s high of $65,065 serves as a major resistance level. Should Bitcoin rebound, further resistance is anticipated at $67,000, $68,500, and the psychological barrier of $70,000.

### Summary of Key Levels:
– **Resistance Levels:** $61,190, $65,065, $68,500
– **Support Levels:** $56,078, $53,486, $49,000
– **Current Spot Price:** $57,641
– **Overall Trend:** Bearish
– **Market Volatility:** High

It is crucial to note that this analysis does not constitute trading or investment advice. Investors are encouraged to conduct thorough research prior to engaging in any cryptocurrency investments.

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