September Could Be Another Bad Month for Bitcoin
September has historically been a tough month for Bitcoin, and this time is no different. The delay in approving Bitcoin ETF applications by the SEC has caused the price of Bitcoin to drop and market analysts believe it could go even lower.
Key Points:
- Short positions are accumulating due to the delay in ETF approvals
- September has historically been a bad month for Bitcoin
- The Bitcoin price could drop below its 200-week EMA
- The range of $24,700 to $25,200 is an important area to watch
- On-chain data suggests a lack of major support for Bitcoin
If the Bitcoin price breaks below $24,700, it could go as low as $20,000.
Bitcoin On-Chain Indicators Show Weakness
On-chain data confirms the lack of major support for Bitcoin at the $25,400 mark. If the price breaks below this threshold, it could correct down to $23,340.
Another metric to watch is the whale stablecoin accumulation. Bitcoin whales seem to be indecisive at the moment, but a rise in their buying power would signal a bounce back.
Hot Take:
September has historically been a challenging month for Bitcoin, and the delay in ETF approvals has added further selling pressure. The Bitcoin price could drop even lower, but if it finds support around the $24,700 to $25,200 range, it could lead to a bullish trend. However, if this range is breached, we might see even deeper levels. It’s important to keep an eye on the on-chain data and whale stablecoin accumulation for further insights.
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