2023-09-02 05:00:00
After Grayscale’s legal victory, Bitcoin was believed to have managed to break out of the $26,000 danger zone. However, the SEC’s decision to postpone its verdict on Bitcoin ETFs shook the cryptocurrency market violently during Friday’s session.
Bitcoin continues to fall
Bitcoin is having a tough start to September. The asset is currently trading at $25,689, registering a decline of 2.89% in the last 24 hours. Satoshi’s cryptocurrency drags other cryptocurrencies in its wake, dropping total market capitalization by 3.05% to $1.03 trillion in daily data.
The fall of Bitcoin and other cryptocurrencies began after ???? the SEC announced to postpone its decision on Bitcoin ETF approval applications. Data from the derivatives market confirms the selling trend observed in the market. In the past 24 hours, nearly $108 million worth of Bitcoin-related derivatives have been liquidated.
Overall, BTC lost 11.2% of its value during the month of August. According to analysts, the month of September does not look any better, given the historical performance of this asset at this time.
A return around $23,000: possible or not
On average, Bitcoin loses 7% every September. If this trend were to repeat itself, the asset could fall as low as $23,890. According to Rekt Capital, a decline of more than 10% for Bitcoin this month cannot be ruled out; such a correction would take it towards $23,190. However, he foresees a resumption of the rise for the month of October, the famous “???? Uptober“.
Analyst Ali of Ali Charts, and head of international news at BeInCrypto, also thinks that Bitcoin could go down to the $23,000 area. He claims that: “On-chain data suggests that BTC lacks strong support below the $25,400 mark.”
Moral of the story: With Bitcoin, there is only one step between joy and pain
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult a professional before making any financial decisions.
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