Bitcoin (BTC) ended August on a sour note, losing 8.6% as the month closed with a fresh two-week low. The drop continued into September, with BTC price weakness pushing the cryptocurrency below $57,500 on Bitstamp, a level last seen on August 16th.
BTC/USD 1-hour chart. Source: TradingView
The weekend’s less liquid conditions made for a grim monthly close, with buyers unable to prevent further losses. Consequently, Bitcoin finished August down 8.6%, below its average of 1.75% gains, per data resource tracker CoinGlass. Historically, September has been a challenging month for Bitcoin, with average losses of 4.5%. This year is no exception, as BTC/USD stares down a potentially bearish month.
Experts Are Cautious of Any Surprise Corrections
Traders are eyeing potential liquidity grabs, with some predicting a push into local lows before any relief for bulls. Short squeeze odds target $61,300, while others see the mid-$60,000 range as a short-term target.
Popular trader Crypto Chase noted, ” Bulls want to see 55.5-56.5K hold or decisive PA above 61K~.”
$BTCLocal level taking a beating, wouldn't be surprised if it gives way eventually. Bulls want to see 55.5-56.5K hold or decisive PA above 61K~. Losing 55K likely means 51K~.Been patient over the past week, don't believe I've missed much. Waiting for higher confidence trades. pic.twitter.com/cME09gCMlL
— Crypto Chase (@Crypto_Chase) September 1, 2024
While analyzing the weekly BTC chart, Rekt Capital made a stern observation.
#BTCBitcoin continues to retest the Channel BottomBitcoin needs to Weekly Close above $58450 to confirm the Channel bottom (black) as supportRetest is still in progress$BTC #Bitcoin https://t.co/4tbcFtQEuF pic.twitter.com/juOeY0Tvta
— Rekt Capital (@rektcapital) September 1, 2024
CoinGlass liquidity data gave more weight to the bearish narrative, with price slicing through layer after layer in its downward dive over the final week of August.
BTC liquidation heatmap (screenshot). Source: CoinGlass
CrypNuevo suggested in an X thread that both upside and downside liquidity hunts could come this week, as he went ahead to give the target for a potential upside liquidity grab as $61,300.
In a trading perspective, I'm favoring longs so I'd prefer seeing the move down first to hit the liquidations and fill the wick at $56.6k where I could long.So I'm keeping a long order at that $56.6k level on Sunday & Monday in case we see a false move at the start of the week.
— CrypNuevo (@CrypNuevo) September 1, 2024
Reaccumulation Range Nears End
Bitcoin begins September on a weak note, with monthly and weekly closes triggering a decline in the BTC price. Currently trading at around $60,000+, BTC is showing a lack of upward momentum, as market analysis reveals a lack of enthusiasm among traders. Will this month repeat the pattern of the previous September, which has historically been challenging for Bitcoin? September has a reputation for being a difficult month for BTC, with prices often experiencing a downturn.
September marks the deadline for Bitcoin’s post-halving “reaccumulation range” to be completed. This period, which has been in place since May 2020, is a key phase for Bitcoin price action, and its conclusion could set the stage for a new market phase, Rekt Capital summarized in an X thread.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin failed to impress around the latest monthly close, and conditions have remained tenuous. Data from TradingView shows that bulls have been powerless to overcome sell-side pressure, which popular trader Skew shows has characterized low-timeframe market conditions in his analysis shared in X.
$BTC Market Flow Update$BTC Binance SpotSince my previous tweet where I mentioned that risk was taken off books of firms also known as selling positions with a positive delta this has so far had a supply impact on price with each LTF bounce being matched with passive supply… pic.twitter.com/V2aweWxweK
— Skew Δ (@52kskew) September 2, 2024
Data from CoinGlass meanwhile shows the bulk of bid support clustering around $56,750 as of writing.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Other traders saw the potential for a push into local lows before any relief for bulls, with estimates including $56,000 and $54,000 with corroborating predictions by Madara forecast.
$BTCits more like they will push the price to 56k n sweep Tuesday's low before moving to upwardremember they may still want to scam hard by pushing the price to 49k (Monday august 5 low)if the bounce is going to happen after 56k then my expectation is 60.5k as first move… pic.twitter.com/GP7wbrMvw9
— Madara (@Madara100x) September 1, 2024
With the reaccumulation range nearing its end, traders and analysts are watching closely for signs of a breakout or breakdown. The next few weeks could be crucial for determining the direction of Bitcoin’s price in the coming months.
“Sell” Sentiment Trumps the Market
Coinfomania expert price prediction data polls that BTC is currently trading at $61,213, with a forecasted increase of 12.25% to $66,148.29 by September 10.
Technical indicators suggest a ‘Sell’ market sentiment.
Over the last 30 days, BTC has seen 14/30 green days, reflecting a 47% positive trading trend. With a price volatility of 0.29%, BTC exhibits moderate fluctuations. In the past 24 hours, BTC has experienced a positive trend of 3.00% since yesterday. The live market cap stands at $1.20 trillion.
Source: Coinfomania
Based on our technical analysis, Bitcoin Coin’s200-day SMA is projected to ascend over the next month, with a simultaneous short-term 50-day SMA expected to reach $62,041.59 by the same date. The Relative Strength Index (RSI) currently stands at 40.25, indicating a Neutral market sentiment for Bitcoin.
The post Bitcoin (BTC) Price Prediction for September: Bitcoin’s 8.6% August Losing Streak Extends to a Fresh 2-Week Low in September. Will BTC’s August Struggles Stretch into September? appeared first on Coinfomania.
