Key control
Bitcoin closed 6.49%to August, taking its recovery from the middle of the year. High miners’ flows and September weak seasonality maintain the support of $ 100K under threat.
Bitcoin [BTC] Wrapped in August with a weak note, breaking its recent impulse with a strong monthly decline.
The sale of the pressure of the miners and the fragile support levels increased the risk of deeper losses as the market entered September.
The red finish of August breaks the moment of Bitcoin
Bitcoin ended in August with a negative yield of 6.49%, stopping its recovery from the middle of the year and aligning with its tendency to the weakness of the end of summer.
The fall stood out against the gain of 7.13% of July, a strong investment in the feeling.
In fact, August has been negative in four of the last five years, being 2020 the last strong green for the month.
Source: x
Naturally, this seasonal pattern has kept the cautious merchants about the perspectives of September.
September, until now, has also been weak for Bitcoin (with an average return of -3.12%). The question now is whether the $ 100K support zone can support a higher sales pressure.
This is especially uncertain as miners and macro conditions continue to weigh on the moment.
The sale of miners adds pressure to the correction
After the August decline, the miners’ flows focused, and the signals were bassists.
A recent cryptocation report showed a high miner to exchange flow, particularly in Binance, indicating a stronger sales pressure.
After touching an ATH in mid -August, Bitcoin slipped approximately 13% to about $ 108,700 in early September. Not to mention that the movement aligned with the taking of profits and mining settlements.
Source: Cryptoquant
Half of April 2024 had already pressed the margins for smaller players, pushing many to download coins only to keep afloat.
If this trend persists, correction can be deepened, especially with $ 100,000 now acting as a critical support for merchants.
