Bitcoin’s Rough September Begins with a Dip to $26,000

2:35 pm
September 1, 2023

The month of September has historically been a challenging one for Bitcoin, and this year is proving to be no exception. On Friday, Bitcoin took a dip and retested the $26,000 mark, while other major altcoins also experienced declines. The overall negative sentiment in the crypto market can be attributed to the latest delays for spot Bitcoin ETFs.

According to the crypto heat map by Coin360, both Bitcoin (below $26,000) and Ethereum (below $1,700) experienced significant drops in prices. Additionally, most of the top 20 coins were in the red. CoinGecko data showed that the global crypto market cap had declined by 3.4% at the time of writing.

Analysts are warning that September could be another challenging month for the crypto market. Crypto analyst Will Clemente highlighted that September has had the least number of positive-returning months for Bitcoin, with a six-year streak of negative returns. This trend suggests that September is historically unfavorable for Bitcoin’s price.

The recent slip in Bitcoin’s price could be linked to the “buy the rumor, sell the news” phenomenon, as noted by Santiment. The market intelligence provider mentioned that the upside following the Grayscale news may have reached its peak. Santiment also suggested that Bitcoin needs to get rid of weak hands and tourists before experiencing significant growth.

Despite the current volatility, analysts are optimistic about a return to upward momentum in mid-October. This expectation takes into account the potential decision by the SEC regarding the delayed ETF applications. The key price zone for Bitcoin is currently between $25,600 and $26,600, and both bulls and bears are closely monitoring the market for control.

Frequently Asked Questions (FAQ)

Why does Bitcoin perform poorly in September?

Historical data shows that September has been a challenging month for Bitcoin, with a six-year streak of negative returns. This pattern suggests that September is not a favorable month for Bitcoin’s price.

What caused the recent dip in Bitcoin’s price?

The recent decline in Bitcoin’s price can be attributed to the delays in spot Bitcoin ETFs. This news negatively impacted the overall sentiment in the crypto market.

When can we expect a return to upward momentum for Bitcoin?

Analysts forecast a return to upward momentum for Bitcoin in mid-October. This expectation takes into account the potential SEC decision on delayed ETF applications.

What is the price range to watch for Bitcoin?

The key price zone for Bitcoin is currently between $25,600 and $26,600. Both bulls and bears are closely monitoring the market and a flip lower is likely if the negative trend continues in September.

Sources: CoinJournal, Will Clemente’s Twitter, Santiment’s Twitter, PlanB’s Twitter


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