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After a few days of gains, BTC has started to decline again, raising significant concerns. Bitcoin reached $73,750 on March 14 but continues to fall, facing tough market conditions with the price around $60,000. Additionally, historical data shows that September generally reflects losses, complicating the situation further.
Bitcoin and September Trends
Recently, an unexpected Bitcoin and market crash occurred. This situation revealed that BTC’s price dropped from $64,400 to $58,800, leading to the liquidation of $320 million worth of cryptocurrencies.
On the other hand, it is known that almost every September since 2013 has hosted Bitcoin declines.
According to data provided by Coinglass, excluding 2023, the last six years have consistently seen declines. The same situation occurred before, with only three positive Septembers in the last eleven years. Data shows that price changes in September ranged from at least a 1.7% drop to a 19% drop.
The Future of Bitcoin
For BTC investors, the general sentiment has shifted from greed to fear. More importantly, the current situation reflects the overall economy, indicating that the process is not unique to Bitcoin.
Meanwhile, several events, including potential interest rate cuts, could positively impact BTC prices in September.
However, charts show consistent declines in September. Despite this, last year saw a 3.91% positive outlook in monthly reviews, despite an 11.29% drop in the previous month, considered an exception. More importantly, expectations for a similar situation next month are gaining strength. However, the uncertainty in the charts means the trend could move in any direction.
The same situation is reflected in technical indicators. The 24-hour and weekly charts show bull and bear movements in the market. As a result, while uncertainty is heavily seen in the charts so far, price consolidation is observed. Consequently, many analysts suggest that breaking the resistance at $62,727 and maintaining it could lead to upward trends.
