Is Bitcoin (BTC) price returning to $40,000 in September?
Bitcoin bulls are making a strong base but seem to be in a dilemma as they are unable to push the price above $60,000. The markets are heading towards one of the most important levels in history, often referred to as a ‘bearer month'. Now that the price is hovering in a certain range, the next price action looks very foggy and unclear. Regardless of the possibility of a shutdown, the upcoming business may witness a major squeeze.
The price of BTC has dropped from the 20-day EMA of $60,497 in the last two days, which suggests that bears are selling into rallies. The platform has seen one of the biggest liquidity pressures on prices. The reason for the BTC selling pressure is that the redistribution of funds to Gox's creditors has been a threat to the market.
While short-term price action has shown no strength, movements across the chain have been terrific.
Lookonchain, one of the popular platforms that record on-chain developments, shows an interesting yet cold transfer of more than 2300 BTC worth nearly $140 million. This move to Binance has raised big alarms in the markets. At a time when BTC exchange reserves are decreasing significantly, these huge transfers can create great uncertainty for the next move.
However, BTC price continues to hold above key quarterly levels, keeping bullish possibilities alive. Levels around $58,300 are acting as a strong support and the weekend trade is about to start, the support is firmly guarded. With this, the price may extend consolidation around these levels with short-term volatility in the coming week.
Will the price of Bitcoin go to $40,000 in September?
The price of Bitcoin is trying to make a higher discount on the daily time frame and thus the trend is yet to be broken. Hence, there is more room for the token to continue its strong bullish trend as the bulls are passive but showing a possibility of a reversal.
The historical figures suggest that the price is about to enter a weak month, the possibility of a reversal can be seen on the same chart. In the last quarter the price was extremely high and the post-half was always very good. While the summer markets can be boring and disappointing, the upcoming Bitcoin price action is expected to attract bulls to the markets.
