The largest cryptocurrency by market capitalization, Bitcoin, experienced a 4.60% decline in the first few hours of September, dropping to $25,998. On the first day of the month, losses of up to 7% were experienced by all major cryptocurrencies. In the past 24 hours, cryptocurrency liquidations totaled $129 million.
September’s bearish start
When considering historical trends, September hasn’t been bearish for Bitcoin and other assets, as there have been six years in a row since 2016 of negative returns. But current developments cannot be fully predicted by past performance, therefore Bitcoin’s September direction remains uncertain. In the next weeks, merchants should keep an eye out for potential positive triggers that could change the value of bitcoin.
While it was anticipated that Bitcoin would climb, it instead fell from its most recent high of $28,184 to $25,548 due to declining interest in Grayscale data. The second catalyst is the SEC’s decision to postpone the launch of the Bitcoin spot ETF, which resulted in a significant $2,500 loss and two days of crimson candles on August 30 and 31. Bitwise, VanEck, Invesco, Valkyrie, and BlackRock’s submissions were delayed, and the SEC granted a 45-day extension to accept or reject six ETF proposals, claiming the need for more time for examination.
To Nosedive at $23,000 with BTC?
Bitcoin’s value is not now favorably positioned in the market. It saw a reduction of 4.41% during the past 24 hours, finishing at $25,843, signaling a potential further slide as it returns to the lower end of its trading range. How feasible is Bitcoin Backside?
Crypto analyst Ali expressed his concern by stating that Bitcoin’s lack of support is just below its current level. He also uses Glassnode’s UTXO realized value distribution measure to show where Bitcoin stands at the moment. According to Ali, if this support level is broken, Bitcoin could struggle to stay above $25,400 and will probably fall below $23,340. Historically, September hasn’t been a month that favors Bitcoin bulls, but a move above $25,400 might be their goal to spark a fresh surge with a target price of $28,500.
