{"id":4138,"date":"2024-09-06T11:04:08","date_gmt":"2024-09-06T11:04:08","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=4138"},"modified":"2024-09-06T11:04:08","modified_gmt":"2024-09-06T11:04:08","slug":"3-reasons-why-bitcoins-btc-price-could-rebound-in-september-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=4138","title":{"rendered":"3 Reasons Why Bitcoin\u2019s (BTC) Price Could Rebound in September: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Bitcoin\u2019s recent downtrend could soon give way to a renewed rally due to emerging positive signals.
\nOn the other hand,\u00a0some indicators suggest the market correction might not be over yet.<\/p>\n

<\/a><\/span><\/h2>\n

Heading North Again?<\/h2>\n

Bitcoin experienced enhanced volatility in the past several weeks, with its price swinging in the $55,000-$65,000 range. In the last few days, the asset\u2019s valuation <\/span>dipped<\/span><\/a> towards the downside <\/span>mark<\/span>, causing concerns that September might offer further pain for the bulls.
\n<\/span><\/p>\n

<\/a>BTC Price, Source: CoinGecko<\/p>\n

However, <\/span>there are three <\/span>important<\/span> factors that could<\/span> trigger a renewed rally. The first, <\/span>and<\/span> arguably the most important, is the potential pivot from the US Federal Reserve. America\u2019s central bank <\/span>is expected<\/span> to lower the interest rates following its next FOMC meeting scheduled for September 18.<\/span><\/p>\n

The effort will make money-borrowing cheaper, possibly boosting investors\u2019 interest in risk-on assets such as BTC. Recall that the primary cryptocurrency <\/span>witnessed<\/span><\/a> a substantial price spike at the end of August when Jerome Powell (Chairman of the Federal Reserve) promised a rate cut.<\/span><\/p>\n

Next on the list is the whale\u2019s activity. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, large BTC investors have been <\/span>on a buying spree<\/span> lately despite the price dips. Those <\/span>holding<\/span> between 100 BTC and 1,000 BTC now control over 20% of the asset\u2019s circulating supply, equivalent to approximately $230 billion. Moreover, the number of Bitcoin wallets holding 100 BTC or more has <\/span>reached<\/span><\/a> 16,120, <\/span>or<\/span> a 17-month high.<\/span><\/p>\n

Accumulating huge amounts of the asset <\/span>leads to a reduction in<\/span> the available supply on the market, which could be followed by a price increase (assuming demand doesn\u2019t go down).<\/span> Additionally, the rising number of BTC whales could be interpreted as a positive sign by smaller players, resulting in more capital entering the ecosystem.<\/span><\/p>\n

Last but not least, we will touch upon the Bitcoin exchange <\/span>netflow<\/span>. In the past week, outflows have predominantly exceeded inflows, with two <\/span>huge<\/span> red candles observed on September 3 and September 6. <\/span>This<\/span> suggests a shift from centralized exchanges toward self-custody methods <\/span>and<\/span> could <\/span>be considered<\/span> bullish since <\/span>it<\/span> reduces<\/span> the immediate selling pressure.<\/span><\/p>\n

<\/a>BTC Exchnage Netflow, Source: CryptoQuant<\/p>\n

The Bearish Sign<\/span><\/h2>\n

Separately, one crucial factor hints that Bitcoin\u2019s correction might stay longer. <\/span>This<\/span> is the selling spree of miners who <\/span>sold<\/span><\/a> more than 2,600 BTC over the weekend (according to crypto analyst Ali Martinez).<\/span><\/p>\n

<\/a>BTC Miners, Source: Ali Charts<\/p>\n

Miners are among the largest holders of the asset<\/span>. When<\/span> they sell significant amounts of BTC, the circulating supply of BTC increases, which can push the price down if demand does not catch up with the pace.<\/span><\/p>\n

Miners typically part with their holdings to cover operational costs (electricity, hardware maintenance, and more). If they sell more than usual, it might signal that their profit margins are shrinking, which could <\/span>be interpreted<\/span> as a sign of challenging market conditions.<\/span><\/p>\n

The post 3 Reasons Why Bitcoin\u2019s (BTC) Price Could Rebound in September: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Bitcoin\u2019s recent downtrend could soon give way to a renewed rally due to emerging positive signals. On the other hand,\u00a0some indicators suggest the market correction might not be over yet. Heading North Again? Bitcoin experienced enhanced volatility in the past several weeks, with its price swinging in the $55,000-$65,000 range. In the last few […]<\/p>\n","protected":false},"author":0,"featured_media":4139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4138"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4138"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/4138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/4139"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}