Bitcoin monthly candlestick review; Is there any hope for BTC growth in the next month?
The previous day, Bitcoin closed the candle of August with a drop of 8.6%, and history has shown that it is not in a good condition in September either.
Summary of analysis
- Bitcoin ended the month of August (mid-August to mid-September) with a drop of 8.6%.
- Some traders believe that the selling pressure of Bitcoin may increase as much as $15 billion.
According to Cointelegraph, Bitcoin trends
BTC:
It has weakened in the previous days and its fluctuations continue near the $58,000 level. In any case, Bitcoin ended the month of August (mid-August to mid-September) with a drop of 8.6%.
The drop was much smaller than the average 1.75% gain that Bitcoin typically experiences in August. On the other hand, the price of Bitcoin has always performed poorly in September and has lost an average of 4.5% of its range.
A famous analyst called Crypto Chase has announced:
Bitcoin needs to maintain the level of $55,599 to $56,599. Missing the $55,000 range means that Bitcoin will reach $51,000.
A famous analyst named Rekt Capital also emphasized:
Bitcoin is still trying to test the bottom of its channel. Bitcoin's weekly candle needs to close above $58,450 to confirm support. The retesting of said levels is still ongoing.
A downside is that some traders believe that Bitcoin's selling pressure may increase as much as $15 billion. According to them, the transactions of the US government in the previous month have increased the possibility of selling the reserves of this country. In addition, Matt Gax exchange has not yet distributed 46,170 bitcoins. Of course, analysts believe that the distribution of said tokens through the Kraken exchange will not have much impact on the market.
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