{"id":28029,"date":"2022-09-04T16:07:37","date_gmt":"2022-09-04T16:07:37","guid":{"rendered":"http:\/\/egrowonline.com\/?p=28029"},"modified":"2022-09-04T16:07:37","modified_gmt":"2022-09-04T16:07:37","slug":"a-quiet-september-heres-whats-in-store-for-bitcoin-btc","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=28029","title":{"rendered":"A quiet September? Here’s what’s in store for Bitcoin [BTC]"},"content":{"rendered":"


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Bitcoin<\/a> [BTC] is looking to add to traders\u2019 woes in September, despite two major upgrades across the crypto-industry. Furthermore, Ethereum is set release the Merge<\/a> on 15 September while Cardano is set to launch Vasil<\/a> a week later. These long-awaited upgrades are expected to alter trader sentiment across the industry. However, recent data shows a different story as long as Bitcoin is concerned.<\/p>\n

CryptoQuant analyst \u2018Maartunn\u2019 recently shared his briefing<\/a> about a highly volatile weekend. The analyst revealed that Open Interest is showing a steady growth on the charts while BTC continues to trade sideways. As per the analysis, funding rates are helpful in guiding volatility, but it has remained neutral, making it difficult to show where Bitcoin is heading.<\/p>\n

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Source: CryptoQuant<\/p>\n<\/div>\n

Adding to this short-term scare, Glassnode reported<\/a> on increasing pain for investors right now.<\/p>\n

According to this update, Percent Supply in Profit (7d MA) just reached a 1-month low of 52.2%. This will come as an untimely reminder of Bitcoin\u2019s underwhelming prices. At press time, Bitcoin was trading at $19,720 after overseeing a 1.65% drop over the week.<\/p>\n

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Source: Glassnode<\/p>\n<\/div>\n

Another Glassnode tweet<\/a> threw light on the falling volume in Bitcoin\u2019s Futures. As per the tweet, Bitcoin\u2019s Perpetual Futures Contracts Volume (24h) recently hit a 5-year low on Kraken at $716,813.<\/p>\n

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Source: Glassnode<\/p>\n<\/div>\n

There\u2019s more here<\/h4>\n

Popular crypto-analysts have also pointed out a worrying pattern of Bitcoin\u2019s past performances in September. For instance, one analyst revealed<\/a> that in nine of the past twelve Septembers, Bitcoin has finished in the red.<\/p>\n

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\u201cIf we go back and look at all the prior Septembers, just going back to 2010, you can see in fact that all but three of them have been red and the only ones that were green gave about 2.5% move to the upside, a 6% and a 15% move to the upside.\u201d<\/p>\n<\/blockquote>\n

With no major reasons to be bullish, the social activity is also beginning to stagnate on Bitcoin. As shown in the chart below, Social Volume has also been maintaining its levels as online discussions over Bitcoin see no particular increase.<\/p>\n

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Source: Santiment<\/p>\n<\/div>\n

Conclusion<\/h4>\n

Bitcoiners do not have much to celebrate right now as their king crypto chases down the latest resistance of $20K. From running down $70K to struggling to hit $20K, this is a massive downturn in Bitcoin\u2019s journey.<\/p>\n

Ergo, it remains a waiting game for now as BTC enters September with a low-key note.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin [BTC] is looking to add to traders\u2019 woes in September, despite two major upgrades across the crypto-industry. Furthermore, Ethereum is set release the Merge on 15 September while Cardano is set to launch Vasil a week later. These long-awaited upgrades are expected to alter trader sentiment across the industry. However, recent data shows a […]<\/p>\n","protected":false},"author":1,"featured_media":28030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,194,164,10928,3466,54,677],"class_list":["post-28029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-btc","tag-heres","tag-quiet","tag-september","tag-store","tag-whats"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/09\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28029"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28029\/revisions"}],"predecessor-version":[{"id":28031,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/28029\/revisions\/28031"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/28030"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28029"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}