Bitcoin News

Why Bitcoin May Rally In September First Week

In context of BTC price finally breaking out with a decline over SpaceX news, there are some important announcements lined up.
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Why Bitcoin May Rally In September First Week

After prolonged sideways movement around the $30,000 mark in recent weeks, the Bitcoin price had finally broken out with a weekly decline of 11%. The sharp fall in price on August 18, 2023 drastically impacted the fraction of individual BTC holders in profit. Does this mean the crypto market is gradually dropping into the bear market territory?

Also Read: Terra Luna Classic Community Turns Down USTC Repeg Team Proposal; LUNC Burn Rises

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Will Bitcoin ETF Mark the Bottom?

Whether or not the cryptocurrency continues to remain in the correction phase remains to be seen. Earlier, CoinGape reported that at the current range, BTC holds support levels at $25000 and then at $21500, which means traders could likely go through fear, uncertainty and doubt (FUD) over shorting the trades. However, any positive news around the spot Bitcoin ETFs in the first week of September could likely reinstate the bullish environment.

Between September 1 to September 6, 2023, the U.S. Securities and Exchange Commission (SEC) is expected to deliver an update or decision regarding the various spot ETF applications from the likes of Blackrock and Wisdomtree.

Does this mean the BTC price may not pick up before the first week of September 2023?

Also Read: Kevin O’Leary Warns Michael Burry on His “Big Short” Bet

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Bitcoin Addresses In Profit: What Changed

While the recent developments around spot ETF filings raised expectations of investors, the news had only sustained the sideways movement, starting July 2023. Hence, the sentiment was there to be shaken out with macroeconomic and broader financial market moves like the SpaceX sale of Bitcoin holdings worth $373 million. The BTC price drop on August 18, 2023 coincided with the sharp decline in values of the Nasdaq Composite Index and the S&P 500 Index. As a result, a huge chunk of traders turned less profitable or ran into unrealized losses, as per Glassnode data.

When viewed in terms of the 7-day moving average, the number of BTC addresses clearly saw a significant drop, with the count reaching a one month low of 32,506,617 addresses.

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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