đ$BTC Bitcoinâs September predictions â Will 2024 be any different?đ¨
August was a volatile month for Bitcoinâs (BTC) price. BTC started trading at around $63k on 1 August and barely one week into the month, the cryptoâs price tanked to around $49,000. While the price later rebounded to touch $65,000 in late August, it has since dropped to trade at $59,190 at press time.
Despite Bitcoin being down by nearly 8% over the past month, traders anticipate further declines in September if the coin follows past price actions. In fact, according to popular analyst Ali Martinez,
For instance, back in September 2023, the cryptoâs price oscillated between $24,000-$27,000, without making any significant gains. A sharp 17% drop in price was also seen in September 2021.A look at key metrics
Several key metrics are already showing that bears are taking over and positioning themselves for a potential drop in September.
For instance â Data from CryptoQuant revealed a significant increase in exchange inflows since late August. The inflows came shortly after BTCâs price rebounded above $64k.
This indicator could mean that after the recent rebound in prices, a significant number of traders chose to sell and minimize risks in case of further dips ahead.
Buyers are also showing hesitance to get back into the market. Several key indicators, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), showed waning buyer interest at press time.
The RSI at 43 suggested sellers are still in control, and buyers are unwilling to enter at its prevailing prices. The CMF has also oscillated in the negative region since 26 August â A sign of bearish dominance. On 30 August, the U.S announced that the core PCE price index for July came in at 2.6% year-on-year. This was lower than the expected 2.70%.
Such positive macro factors usually lead to a bounce in Bitcoinâs price. However, that failed to happen yesterday. #TON #DOGSONBINANCE #TelegramCEO
