Written by: Editor | Bitcoin | September 2, 2024 | |
Bitcoin, the leading cryptocurrency by market capitalization, closed August with a disappointing 8.6% loss, marking its second-worst monthly close in 2024. This decline has cast a shadow over the market, especially as September looms—a month that has historically been bearish for Bitcoin.
The end of August saw Bitcoin struggling to maintain its momentum, with the price dipping to a two-week low of $57,273 on September 1. This downturn has heightened concerns among investors and analysts, many of whom are wary of what September might bring.
Despite the bearish trend, on-chain metrics offer a mix of signals. While some data points suggest the possibility of future gains, others indicate that the market may continue to face downward pressure. These mixed signals reflect the uncertainty that currently pervades the Bitcoin market.
Adding to the bearish outlook, traders have increasingly positioned themselves short in the futures market. This trend reflects a broader sentiment that Bitcoin could continue to face challenges in the near term, especially with the historically bearish month of September on the horizon.
#BTC
— Rekt Capital (@rektcapital) September 1, 2024
Bitcoin continues to retest the Channel Bottom
Bitcoin needs to Weekly Close above $58450 to confirm the Channel bottom (black) as support
Retest is still in progress$BTC #Bitcoin https://t.co/4tbcFtQEuF pic.twitter.com/juOeY0Tvta
The regulatory environment for Bitcoin has also grown more complex. Recently, the U.S. Securities and Exchange Commission (SEC) joined the U.S. Trustee in objecting to a discharge provision in a prominent bankruptcy plan. This move by the SEC underscores the ongoing regulatory scrutiny that could further impact Bitcoin’s price and market sentiment.
As Bitcoin enters September, the market remains on edge. The combination of historical trends, mixed on-chain signals, bearish futures positioning, and regulatory challenges suggests that Bitcoin may face a turbulent month ahead. Investors and traders will need to remain vigilant, as the landscape continues to evolve.
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