Bitcoin’s Range-Bound Stalemate Signals Imminent Big Move, Analysts Warn
The post Bitcoin’s Range-Bound Stalemate Signals Imminent Big Move, Analysts Warn appeared on BitcoinEthereumNews.com.
Despite another dip in crypto markets over the weekend, they have been largely range-bound for the past six months. On Sept. 2, on-chain analyst James Check said that the Bitcoin “chopsolidation is evolving.” He added that the swings are getting larger and more sustained but cautioned that the price range is becoming unstable. “Screams to me that this price range is becoming ‘unstable’, and the market is ready to move somewhere else.” The #Bitcoin chopsolidation is evolving. The swings are getting larger, and more sustained. Screams to me that this price range is becoming ‘unstable’, and the market is ready to move somewhere else. pic.twitter.com/2YqerEIefs — _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) September 1, 2024 BTC Up or Down in September? Some have suggested that the big move may come in September, given the likelihood of a Federal Reserve interest rate adjustment. However, analysts have observed that September is historically bearish for Bitcoin. Since 2013, BTC has seen monthly positive returns of +2.35%, +6.04%, and +3.91% across three Septembers. However, there were losses ranging between -1% to -7.5% for six previous ones, observed “Rekt Capital.” The analyst concluded that Septembers were usually consolidation months with a higher chance of small downsides. “Across Septembers therefore, we more commonly see small single-digit downside vs small-digit upside.” Is September really a down month for #BTC? Since 2013, $BTC saw monthly returns of +2.35%, +6.04% and +3.91% across three Septembers And across 6 Septembers, BTC saw negative monthly returns ranging between -1% to -7.5%, with only two instances of double-digit downside (i.e.… pic.twitter.com/S4VZxh9t9s — Rekt Capital (@rektcapital) September 1, 2024 Meanwhile, analyst Willy Woo looked at the distribution of Bitcoin on exchanges noting that the influx of BTC from the German and US governments and Mt.Gox distributions “is slowly being absorbed.” Leverage in crypto derivatives is also declining,…
Filed under: News - @ September 2, 2024 7:23 am