– Bitcoin (BTC) is struggling to maintain its price above $26,000 as August comes to an end, making it the worst month of 2023 for the cryptocurrency.
– The recent crash in BTC price has left traders uncertain about its future performance, especially with September historically being a poorly-performing month for Bitcoin.
– Traders and analysts are preparing for more downside, as there is no sign of a rebound in sight.
– The monthly close is a key concern for market participants, with many expecting volatility to continue and potentially push BTC to multi-month lows.
– Historical data suggests that September could be almost as bad as August, with a potential drop to $22,000 in BTC price.
– BTC’s year-on-year percentage returns indicate that it is currently experiencing its longest bear market in history.
– Macroeconomic developments, such as the Federal Reserve’s interest rate changes and data releases, have had little impact on Bitcoin and altcoin markets.
– The upcoming release of Personal Consumption Expenditures (PCE) Index data could also have a muted effect on the crypto market.
– Bitcoin miners may provide some optimism for bulls, as the hash rate reaches new all-time highs and indicates a “miner bull run” leading up to the halving in April 2024.