Bitcoin bears are losing momentum, opening the door to a price reversal, but historical data also shows BTC performing poorly in September.
seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.on Bitcoin. While speaking to Kitco News, McGlone warned that in case of a “global economic reset,” Bitcoin could nosedive to as low as $10,000.
If the price once again turns down from the moving averages, it will suggest that bears are fiercely defending the level. The pair may then slide to the pivotal support at 4,325. If this level breaks down, the index will complete a bearish head and shoulders pattern. That could start a correction toward the pattern target of 4,043.The bulls propelled the U.S. dollar index above the downtrend line on Aug. 22, signaling that the correction may be over in the near term.
If bears want to make a comeback, they will have to quickly pull the price back below the downtrend line. If they do that, the index may slide to the 50-day simple moving average .The bulls and the bears are not taking large bets as Bitcoin continues to trade inside the range between $24,800 and $26,833.The downsloping moving averages and the RSI in the oversold zone indicate that bears are in command.
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