Bitcoin's recent drop to $55,250 reclaimed an untouched demand zone from August, which may push prices for an immediate swing high at $58,000. The crypto fear and greed index also shows "extreme fear" in the market for the first time since the first week of August.

Let's examine the BTC price levels below $55,000, which should provide support and potential bounce areas. Bitcoin registered a monthly low of $55,250 on Sept. 6, but on the positive side, it tested an untouched demand zone from August.

Forming a lower low on the 1-hour chart could allow BTC to undergo an immediate swing high toward $57,500. Moreover, there is also a bullish divergence between the price and the relative strength index (RSI), which was also observed on the 4-hour chart on Sept. 4.

Source: https://cointelegraph.com/news/watch-3-btc-price-if-bitcoin-below-55k

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