Bitcoin is set to close August in the red, raising concerns about a downturn in September. However, factors may support its price.
September and Its Impact on Bitcoin
September is traditionally considered a tough month for Bitcoin. Since 2013, it has closed in the red eight out of twelve times, averaging a loss of about -3.80%. This phenomenon is known as the 'September Effect,' where traders lock in profits after summer rallies.
Current Technical Indicators of Bitcoin
Recent analyses suggest that Bitcoin could be hovering around a support zone between $105,000 and $110,000. Some analysts point to a potential price recovery, referencing 'hidden bullish divergence' in RSI, indicating that buyers may be becoming more active.
Dollar's Influence on the Crypto Market
A decline in the dollar's value could positively impact the cryptocurrency market. The expectation of interest rate cuts by the U.S. Federal Reserve may lead to increased investment volumes in cryptocurrency, creating conditions for potential price growth in Bitcoin and other altcoins.
September could be a turning point for Bitcoin's price, depending on economic factors and current technical indicators. Keeping an eye on market changes can help determine future movements.
