Bitcoin Bearish Divergence Suggests $60K Correction: Time to Buy?

The Bitcoin (BTC) market is currently experiencing bearish pressure, with a divergence on the 4-hour chart signaling a potential correction toward $60,000. Crypto analyst Crypto Bullet recently tweeted about this "bearish divergence at the top," indicating that an imminent drop in price could be on the horizon. 
 
If BTC falls below its current support level of $63,520, it may test the lower threshold of $60,000. Traders are remaining cautious but anticipate that there may be potential buying opportunities if prices dip further. 
 
This comes as Lou Jiwei, former Finance Minister of China, called for greater research into cryptocurrencies following recent approval for Bitcoin ETFs in America. Speaking at the Tsinghua Wudaokou Chief Economists Forum set to take place in 2024, he highlighted risks associated with digital currencies, such as volatility and potential misuse by money launderers. He emphasized understanding global trends to gauge how digital economies might affect international markets given evolving regulations in countries like the U.S. 
 
In addition to these developments overseas, Cantor Fitzgerald CEO Howard Lutnick has argued that Bitcoin should be regulated similarly to commodities like gold or oil during an interview with Fox Business. His call for clearer cryptocurrency regulation stems from concerns over regulators' lack of understanding about crypto dynamics. At Bitcoin's 2024 conference, he announced plans for a $2 billion loan program aimed at integrating BTC into mainstream finance channels. 
 
Meanwhile, in Bolivia, previous bans on using banking channels for cryptocurrency transactions have been lifted by their central bank, resulting in doubled trading volumes, which rose from $7.6 million between January 2023 and June 2024 up to $15.6 million within three months after lifting restrictions. 
 
Stablecoins pegged onto USD dominated Bolivian crypto markets, reaching total trading volumes worth approximately $46.8 million during this period, while transaction numbers increased by an impressive 141%. Edwin Rojas Ulo, president of Bolivia's Central Bank, expressed the country's commitment to fostering crypto adoption and highlighted stablecoins as a reliable dollar alternative. This move could attract more investors and position Bolivia as an important player in Latin America’s emerging crypto market. 
 
On social media platforms, former MicroStrategy CEO Michael Saylor caused a stir by humorously posting that he only drinks Bitcoin using an AI-generated image of a can labeled "Bitcoin." His post sparked wide reactions across social media, with critics like gold advocate Peter Schiff scoffing at his comparison, stating that unlike gold, BTC lacks intrinsic value. 
 
Despite these debates and controversies surrounding digital currencies, proponents like Saylor continue pushing for greater acceptance within mainstream finance, which is expected to lead to increased stability in prices along with broader adoption rates. 
 
As for Bitcoin's price outlook towards the end of September, it seems bearish sentiment prevails after sliding below the $64,200 support level, causing prices to consolidate above the immediate support pegged around $63,520. Should there be further decline, then we might see BTC testing next supports at $63,130, followed by $62,680. 
 
The Relative Strength Index (RSI) currently trends lower at 31.81, signaling bearish sentiments, while any drop below 30 could confirm oversold conditions, potentially leading to increased selling pressure. Meanwhile, the 50-day Exponential Moving Average (EMA) stands at a critical resistance level of $64.99,  indicating potential continuation of the current bearish trend unless reclaimed by BTC. 
 
In other news, Pepe Unchained ($PEPU), a new cryptocurrency, has been making waves due to its promising growth potential during the presale phase alongside lucrative staking options offering passive income opportunities through a high annual percentage yield (AAPY). The token has thus far raised over $16.5 million, nearing its presale cap goal, while undergoing security audits from Coinsult and SolidProof, ensuring transparency plus safety for investors interested in adding this emergent coin into their portfolios.