Although the U.S. personal consumption expenditures index (PCE) for July, released on August 30, slowed down, which further strengthened the market's confidence in the Federal Reserve's September rate cut, the cryptocurrency market has not seen any improvement in recent days. Bitcoin has fallen from around $59,000 since 6 a.m. this morning, and fell as low as $57,777 at 1 p.m., a drop of more than 2%.
Ethereum fell below $2,500. Ethereum's trend also plummeted today. Its price fell from around $2,520 at 6 a.m. this morning to as low as $2,458 at 1 p.m., falling below the $2,500 mark in one fell swoop.
The entire network has seen a liquidation of US$54.99 million in the past 24 hours. According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency contracts liquidated across the network reached US$54.99 million, and the scale of the liquidation was still relatively mild, with long orders liquidating US$47.09 million and short orders liquidating US$7.84 million. A total of 25,218 people were liquidated.
September is always an uncertain month for Bitcoin investors, with historical data showing that this period tends to underperform. However, this year the market has been sharply divided: on one hand, investors are concerned about a return of a bear market, while on the other hand, some are optimistic about the potential for a bull market rebound.
September for Bitcoin: Bear or Bull Market?
Data shows that Bitcoin has frequently recorded losses in September since 2013. This trend worries investors, who fear that past declines will happen again. Currently, Bitcoin faces a key resistance of $60,000 after a sell-off, which makes the market nervous about future trends.
Some analysts pointed out that the "hot supply realized price" is set at $66,000, which is an important level for Bitcoin to maintain a bull market. If the price continues to fall below this point, it may indicate the advent of a bear market, and investors need to be extra vigilant.
Bitcoin’s Prospects
Currently, the price of Bitcoin is hovering at $58,938, down 0.3% on the day and 8% on the week. Difficulties encountered before the $60,000 resistance level may weaken market confidence and trigger further selling. The next few weeks will be crucial in determining its trend.
Market experts have different views on the outlook for this month. Some believe that the previous rise needs to be corrected, while others believe that the current price level provides a buying opportunity. Market volatility remains a key focus.
Meanwhile, global economic uncertainty and geopolitical tensions could weigh on Bitcoin, while growing adoption by financial institutions could fuel a bull trend.
In short, September is still a high-risk month for Bitcoin, with obvious market divergences. Investors need to pay close attention to technical analysis and global economic dynamics. Whether it is a bear market or a bull market, the future of Bitcoin is still attracting much attention.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
