Bitcoin might break its gloomy September streak this year amid possible interest rate cuts and other bullish catalysts...
Bitcoin is showing signs of weakening demand as September, a month often associated with declining prices, approachesAugust was a volatile month forprice. BTC started trading at around $63k on 1 August and barely one week into the month, the crypto’s price tanked to around $49,000. While the price later rebounded to touch $65,000 in late August, it has since dropped to trade at $59,190 at press time.
For instance – Data from CryptoQuant revealed a significant increase in exchange inflows since late August. The inflows came shortly after BTC’s price rebounded above $64k.This indicator could mean that after the recent rebound in prices, a significant number of traders chose to sell and minimize risks in case of further dips ahead.
The RSI at 43 suggested sellers are still in control, and buyers are unwilling to enter at its prevailing prices. The CMF has also oscillated in the negative region since 26 August – A sign of bearish dominance.On 30 August, the U.S announced that the core PCE price index for July came in at 2.6% year-on-year. This was lower than the expected 2.70%.
Furthermore, inflows to spot Bitcoin exchange-traded funds have weakened. In the last four consecutive days, for instance, BTC has seen consistent outflows, as perWeakening demand for Bitcoin appears to be traders hesitating to enter the market in case September turns out to be another gloomy month.
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