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Bitcoin (BTC) has started the week on a down note, trading within the $58,000 range after briefly surpassing $60,000.
Analysts warn that conditions might worsen before improving, especially with the presence of a reversal zone that could influence price movement. Additionally, the crypto markets are anticipating key events this month, which could lead to increased volatility for Bitcoin.
QCP Capital researchers expect Bitcoin to face further correction, with Bitcoin likely to find strong support around the $54,000 level. This comes after Bitcoin ended the month down 8.6%, impacted by the Bank of Japan (BOJ) crash earlier.
QCP points out Bitcoin’s historical trend of a -4.5% return in September, suggesting a potential retracement to around $55,000. Indeed, historical performance data paints a grim picture for September. According to Coinglass, Bitcoin has consistently underperformed this month, with an average return of -4.78% since 2013.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
Bitcoin Monthly Returns. Source: CoinGlass
Moreover, the third quarter (Q3) has historically been tough for Bitcoin and the broader crypto market, with September often bringing caution among investors. This approach is reflected in the poor performance of Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT). The recent CryptoQuant report notes fewer stablecoin inflows, signaling that investors remain wary and believe the downtrend may continue.
However, popular trader Daan Crypto Trades points to the potential for a short-term pullback due to a new CME Gap near $59,000 and last week’s gap.
A CME gap occurs when Bitcoin’s price on the Chicago Mercantile Exchange (CME) differs between the market’s close and its reopening after a weekend or holiday. These gaps are often filled as the price tends to return to the gap’s level.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Bitcoin CME Gap. Source: Daan Crypto
Amidst current market volatility, Bitcoin whales are actively adjusting their portfolios. For instance, one whale withdrew 1,100 BTC from Binance, while another bought 1,000 BTC, increasing their holdings.
Avinash Shekhar, Co-founder of Pi42, predicts further fluctuations, especially with upcoming US economic events. He notes that a strong September employment report could temper expectations for easier monetary policy.
As of now, Bitcoin is trading at $58,391, down 0,31% in the last 24 hours.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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The post Bitcoin Targets $54,000 Amid September Struggles appeared first on Panther AI.
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Analysts warn that conditions might worsen before improving, especially with the presence of a reversal zone that could influence price movement. Additionally, the crypto markets are anticipating key events this month, which could lead to increased volatility for Bitcoin.
Bitcoin Risks a Further Correction
QCP Capital researchers expect Bitcoin to face further correction, with Bitcoin likely to find strong support around the $54,000 level. This comes after Bitcoin ended the month down 8.6%, impacted by the Bank of Japan (BOJ) crash earlier.
QCP points out Bitcoin’s historical trend of a -4.5% return in September, suggesting a potential retracement to around $55,000. Indeed, historical performance data paints a grim picture for September. According to Coinglass, Bitcoin has consistently underperformed this month, with an average return of -4.78% since 2013.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
Bitcoin Monthly Returns. Source: CoinGlass
Moreover, the third quarter (Q3) has historically been tough for Bitcoin and the broader crypto market, with September often bringing caution among investors. This approach is reflected in the poor performance of Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT). The recent CryptoQuant report notes fewer stablecoin inflows, signaling that investors remain wary and believe the downtrend may continue.
However, popular trader Daan Crypto Trades points to the potential for a short-term pullback due to a new CME Gap near $59,000 and last week’s gap.
A CME gap occurs when Bitcoin’s price on the Chicago Mercantile Exchange (CME) differs between the market’s close and its reopening after a weekend or holiday. These gaps are often filled as the price tends to return to the gap’s level.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
Bitcoin CME Gap. Source: Daan Crypto
Amidst current market volatility, Bitcoin whales are actively adjusting their portfolios. For instance, one whale withdrew 1,100 BTC from Binance, while another bought 1,000 BTC, increasing their holdings.
Avinash Shekhar, Co-founder of Pi42, predicts further fluctuations, especially with upcoming US economic events. He notes that a strong September employment report could temper expectations for easier monetary policy.
As of now, Bitcoin is trading at $58,391, down 0,31% in the last 24 hours.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source link
The post Bitcoin Targets $54,000 Amid September Struggles appeared first on Panther AI.
Continue reading...