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The two main events that will affect the price of Bitcoin (BTC) in September

The global cryptocurrency market cap is currently $1.04 trillion, up slightly by 0.27% since yesterday. However, trading volume has declined significantly, down 44% to $18.92 billion.

However, cryptocurrency king Bitcoin (BTC) saw a significant drop from $28,176 to $25,451, down 9.8%. Interestingly, demand for bitcoin seemed to increase around the $25,500 level as evidenced by the lower price rejection candle on the daily chart.

Prepare for a roller coaster ride!

Historically, September has been a challenging month for Bitcoin, and this year is no exception, warns analyst Miles Deutscher. The cryptocurrency market, including Bitcoin and major altcoins, is facing turmoil due to factors such as regulatory scrutiny from major exchanges like Binance and Coinbase, SEC intervention, and significant token activations.

Deutscher’s analysis highlights a “significant oversupply” in September 2023, exacerbated by delays in Bitcoin ETF decisions. This could pose challenges for Bitcoin enthusiasts.

Token Unlocks

Despite the bear market, traders should prepare for the release of Bitcoin and various altcoins previously held by the now-defunct FTX exchange, as ordered by US authorities. Additionally, September will see numerous significant token releases including Apecoin (APE), Aptos (APT), dYdX (DYDX), and Optimism (OP).

Read more: Crypto Market Analysis: What’s in store for Bitcoin and Altcoins in September

These “sell walls” on major altcoin pairs could have a bigger impact in Q4 when trading activity tends to slow. Deutscher believes renewed market interest, possibly from the growth of ETFs, could help mitigate these challenges.

Additionally, the short-lived bitcoin price surge following Grayscale’s legal victory shows that the market is bored. Despite the initial hype, Bitcoin quickly fell back to mid-June levels and failed to break through $30,000.

Will September reverse its curse this year?

Deutscher advises Bitcoin enthusiasts to closely monitor two macroeconomic triggers: the Consumer Price Index (CPI) release on Sept. 13 and the Federal Open Market Committee (FOMC) meeting scheduled for Sept. 20. These events have the potential to affect Bitcoin and major altcoins prices.

While predicting interest from buyers aiming to amass Bitcoin around the $25,000 and $23,000 levels, Deutscher remains cautious and acknowledges the possibility of even lower prices. At the time of writing, Bitcoin is trading at around $25,833 on major exchanges.

Also Read: Bitcoin Price Could Drop to $23,000 in September, Is the Bottom in Sight?

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