Bitcoin Struggles as September Approaches | Key Price Levels to Watch
Bitcoin Struggles as September is rapidly approaching, and investors are uneasy as Bitcoin (BTC) is still far below its peak from March. Only three times in the last ten years has the cryptocurrency produced positive returns in September, a historically difficult month.
The halving event in April and the introduction of spot Bitcoin ETFs are now largely forgotten, and market players are keen to find the next catalyst that could raise the price of Bitcoin.
Bitcoin Historical Performance in September
September has historically seen below-average returns for Bitcoin. The pioneering cryptocurrency has only reported increases this month in the previous ten years, according to data from the crypto monitoring site Coinglass. Investors should take this historical tendency into account when evaluating possible price changes in the upcoming weeks.
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Bitcoin Technicals Indicate Bearish Momentum
The price of Bitcoin has been moving downward since the beginning of July, with little volume trade, especially on sites like Coinbase. This lack of trading activity indicates that there is still little interest from investors in Bitcoin. The recent creation of a “death cross” a cross between the 200-day and 50-day moving averages points to the possible start of a fresh downward trend.
The fact that Bitcoin closed below the 50-day moving average earlier this week adds to the pessimistic atmosphere, particularly in the lack of a compelling bullish story.
Bitcoin Key Price Levels to Monitor
As September draws closer, investors should keep a careful eye on a few pivotal price points. Breaking over the upper trendline of the declining channel might send Bitcoin past $68,500, considering the double peaks seen in July. If the current trend holds, Bitcoin might get as close as $72,000 before running into resistance somewhat below its all-time high.
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Yet, if selling persists, Bitcoin might drop to roughly $53,000, which was formerly the market’s consolidation threshold during its January-March rise. Furthermore, prices might drop to $47,000, or about 20% below the most recent closing price, especially in the event of a deeper downturn. Additionally, support could be located close to the January swing high.
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