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Historically, September has proved to be the worst period for Bitcoin (BTC), and this time, things look no different. The world’s largest cryptocurrency Bitcoin (BTC) has come under strong selling pressure as soon as the U.S. Securities and Exchange Commission (SEC) delayed all seven spot Bitcoin ETF applications.
As of press time, the BTC price is trading at $25,778 with its market staying afloat above $500 billion. Market analysts believe that the Bitcoin price could be making further lows with a lack of a clear catalyst in sight.
Popular crypto analyst Micahel Van de Poppe writes that it’s likely that many short positions will accumulate in anticipation of further bearish trends, especially as we witness delays in ETF approvals. This could potentially be the last dip before we resume a bullish upward trend. He added:
“September is quite often a terrible month for the markets. It’s the worst month in history for Bitcoin and in the previous years, we’ve also been seeing tremendous amount of blood flooding in.”
In Bitcoin’s history, the only two instances of a green September were in 2015 and 2016. After that, the BTC price has been losing an average of 5-8% every month. This could mean that the Bitcoin price could drop under its 200-week EMA and is heading towards $23-$24K.
The Bitcoin price range of $24,700 to $25,200 is a significant area to watch for potential entry points. If we see a successful test of these lows, it could lead to the formation of substantial bullish divergences. However, if this range is breached, we might be heading for deeper levels, possibly around $23,000 to $23,500, or even as low as $20,000.
Bitcoin On-Chain Indicators Show Weakness
As Bitcoin price continues to see strong selling pressure, on-chain data also confirms that BTC lacks major support at $25,400.
#Bitcoin | On-chain data suggests that $BTC lacks strong support below the $25,400 mark.
If #BTC breaks below this threshold, it could swiftly correct down to $23,340. pic.twitter.com/j3oMpTIzMt
— Ali (@ali_charts) September 1, 2023
Another stable metric to watch for is the whale stablecoin accumulation. As per Santiment, BTC whales seem to be completely indecisive at this moment. A rise in the Bitcoin whales’ stablecoin wallet size would indicate a bounce back.
🐳 Whales are being particularly indecisive on #stablecoin accumulation. A tried and true method for predicting where #crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold. A rise in their buying power would signal a bounce. https://t.co/oeRHFW9b9h pic.twitter.com/itvDgsK6a4
— Santiment (@santimentfeed) September 2, 2023
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