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Bitcoin, lost more than 2% on September 1 after a poor monthly close for bulls. Data from TradingView showed Bitcoin’s price weakness reaching a low of $57,230 on central crypto exchanges, a level last seen on August 16. By mid-weekend, less liquid conditions led to a gloomy monthly close as buyers failed to prevent further losses.
What to Expect for Bitcoin in September?
Bitcoin ended August with an 8.6% drop, below its average gain of 1.75%, according to blockchain data analysis platform CoinGlass. The figures also reveal that September has historically been a bad month for the BTC/USD pair, with average losses of 4.5%.
Popular investor Crypto Chase, in a part of an X post about short-term market activity, stated that the local level took a hit and he wouldn’t be surprised if it eventually gave in:
“Bulls want to hold 55,500 – 56,500 or see definite PA above 61,000 dollars. Losing the 55,000-dollar level will likely lead to seeing the 51,000-dollar level.”
Another investor, Exitpump, noted aggressive short selling at the local lows of the day just hours before the weekly close.
As Bitcoin continues to retest the channel bottom, investor and analyst Rekt Capital continued analyzing the weekly chart:
“Bitcoin needs to close the week above $58,450 to confirm the channel bottom (black) as support. The retest is still ongoing.”
Details from a Famous Name
Meanwhile, CoinGlass liquidity data showed the downward trend advancing as the price moved layer by layer in the last week of August. Commenting popular investor CrypNuevo suggested that both upward and downward liquidity hunts could come this week:
“From a trade perspective, I prefer long positions, so I would prefer to see a downward move first to reach liquidations and fill the wick at $56,600 where I can open long positions. Therefore, if we see a false move at the beginning of the week, I am holding long positions at $56,600 on Sunday and Monday.”
