Bitcoin bulls are attempting to keep the price inside the current range, but BTC's growing weakness could eventually lead to new lows under $49,000.
Weakness in the United States equity markets pulled the cryptocurrency markets lower on Sept. 3. The selling in the crypto markets continued on Sept. 4, but a minor positive is that lower levels are attracting buyers. Trading firm QCP Capital said to its Telegram channel subscribers that Bitcoin (BTC) and Ether (ETH) may enter a period of high volatility.
Many analysts believe the expected interest rate cut by the US Federal Reserve on Sept. 18 will be positive for risk assets. However, Bitfinex analysts have a different view, as they anticipate Bitcoin to plunge between 15% and 20% following the rate cuts. In a Sept. 2 note, they said that Bitcoin could bottom anywhere between $40,000 and $50,000.
Crypto market data daily view. Source: Coin360
