September’s bear market worries have reignited rumors of a coming downturn.
If price manages to break the $25k level then it might likely go all the way to $20,250 level.
The United Stated SEC has pushed out its ruling on Bitcoin spot ETF until October, which has put downward pressure on the BTC price. Several prominent analysts have all agreed that the BTC price will likely fall to $24,800 mark before perhaps recovering.
Nonetheless, September’s bear market worries have reignited rumours of an upcoming downturn. Historically, September has been a bad month for risky investments, including Bitcoin, and it seems that this year will be no different.
On the other hand, larger wallet addresses have shown growing optimism. In only two weeks, addresses controlling a minimum of 0.1% of Bitcoin’s total supply have amassed an astonishing $1.5 billion worth of BTC, according to statistics provided by IntoTheBlock.
High Volatility Expected
The legal win by Grayscale provided Bitcoin with much-needed impetus, but this has already been squandered. The previous week has seen extreme swings, with prices ranging from a low of $25,680 to a high of $28,130.
Source: CoinMarketCap
At the time of writing bitcoin has been trading at $25,818, down 0.77% as per data from CMC. The price found support at $25,450 mark after a severe decline all the way from $28,000 level.
If price manages to break the $25,000 mark then it might likely go all the way to $20,250 level. On the other hand, if price can break above the $26,120 mark then it will likely retest the $28,000 resistance level. Moreover, high volatility is expected as price has been consolidating lately and is eyeing a breakout in either direction.