In the first hours of September, Bitcoin, the largest cryptocurrency by market cap, is down 4.60%, falling to $25,998. All major cryptocurrencies recorded losses of up to 7% on the first day of the month. Crypto liquidations in the last 24 hours reached $129 million.
Beginning of the bearish September
If you talk about historical trends, September was not bearish for bitcoin and other assets, posting six straight years of negative returns since 2016. However, past performance may not accurately predict current trends, leaving bitcoin’s path in September uncertain. Traders should keep an eye on potential positive catalysts that could impact bitcoin price in the coming weeks.
Although Bitcoin was expected to surge, it plummeted to $25,548 from a recent high of $28,184 on fading excitement over Grayscale news. The second trigger is the SEC’s decision to delay bitcoin spot ETF filings, which resulted in a substantial loss of $2,500 marked by two consecutive days of red candles on August 30th and 31st. The SEC delayed the filings of Bitwise, VanEck, Invesco, Valkyrie and BlackRock. Granted 45 days to approve or reject six ETF proposals, citing the need for a longer evaluation time.
Will BTC Drop at $23,000?
The current market is not favorable for the Bitcoin price. It is down 4.41% in the last 24 hours and settled at $25,843, hinting at a possible further decline if it returns to the lower end of its trading range. Is Bitcoin Bottom possible?
Crypto analyst Ali expressed his concern, saying that Bitcoin’s lack of support is just below its current levels. He also cites the Glassnode price distribution metric realized by UTXO to reveal the current BTC position.
According to Ali, on-chain data suggests that if this support level breaks, bitcoin could potentially drop below $25,400 and potentially drop to $23,340. Historically, September has not been in Bitcoin bulls’ favour, but a surge above $25,400 would be their target to start a fresh rally with a target of $28,500.
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