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Bitcoin both on a monthly and weekly close caused Bitcoin’s price to move downward, leading to a weak start for September. Trading near the $57,000 spot demand, the BTC/USD pair analysis showed low interest among investors, definitely not indicating a bullish trend. The red status for Bitcoin returns this month is well-known, but not every prediction is prepared for the worst.
Critical Period for Bitcoin
Bitcoin failed to impress at the last monthly close, and conditions remain uncertain. Data from TradingView shows that bulls are struggling to overcome the selling pressure. Popular investor Skew indicates that this characterizes low timeframe market conditions:
“For most of the past week, there was a clear spot buyer around $58,000. This is significant for a bullish context. Currently, the price is around spot demand, but demand will need to be confirmed by buyers and passive buyers.”
Skew also highlighted the general lack of interest in the derivatives markets at current prices and suggested that funding rates might remain negative or low for now:
“With the spot sales that occurred last week, I think the market will prefer short positions as a hedge from here. However, since the sale at $58,000, there has been almost no growth in market positioning, which shows me that people are moving away from trading.”
Data from the crypto data analysis platform CoinGlass shows that as of September 2, the bulk of bid support is clustered around $56,750.
Details on the Subject
Other investors saw the potential for a push towards local lows before any relief for the bulls, with predictions ranging from $56,000 to $54,000. Popular analyst Madara shared the following statements:
“It looks like they will push the price to $56,000 and sweep the low on Tuesday before moving up. They still want to create a volatile process by dropping the price to the $49,000 level seen on August 5. If the rise happens after $56,000, my expectation is $60,500 as the first move, then $65,000.”
