Technical analysis by dramos31 about Symbol BTC on 9/2/2025

Bitcoin is showing signs of weakness on the daily chart after forming a double top pattern in July and August, with the neckline break confirming a bearish reversal. Price has now dropped below the 50-day EMA (~$113.4K), retested it as resistance, and is struggling to reclaim the key ~$112K former support level. Momentum indicators support this bearish structure: RSI sits below 50 (currently 45), indicating bearish momentum, though a slight bullish crossover suggests short-term relief is possible. MACD remains below the signal line and zero, but the histogram is flattening, implying the bearish momentum is slowing, not yet reversing. Stochastic is rising from near-oversold levels but still under the midline, aligning with a possible bounce that lacks trend confirmation. Volume has increased slightly during the recent bounce but doesn't yet suggest strong accumulation. If this relief rally fails at resistance, I expect BTC to revisit $107K, with a potential extension toward the $100K–$98K zone, especially if volume fades and momentum rolls over. Bearish thesis remains intact unless BTC can reclaim $115.4K with conviction.