On the cryptocurrency market on September 1, a price decrease is observed for most assets, while Bitcoin shows a slight increase.
Overall Market Status
According to data from CoinStats, most cryptocurrencies are showing negative price trends on the first day of the month. This is a general trend observed in the market.
Bitcoin Dynamics
Bitcoin (BTC) stands out as one of the few exceptions, with a price increase of 0.57%. On the hourly chart, the BTC rate is closer to the resistance level than to the support level. However, as most of the daily trading range has been passed, sharp movements are unlikely in the coming days.
Prospects and Volatility
On larger time frames, the price of the main cryptocurrency has once again bounced off the support level of $107,303. If the daily candle closes far from this mark, there is a high chance of an upward move to the $110,000 range. From a midterm perspective, the BTC rate is in the middle of a wide channel, indicating that neither buyers nor sellers control the market, and increased volatility is not expected.
Thus, on September 1, the cryptocurrency market displays mixed trends, with a decline in prices for most coins and a slight increase in Bitcoin.
