Cheers to a new week and the start of September! HODL FM is here to break down what’s been happening with Bitcoin’s price action over the past seven days.
Here is what happened to Bitcoin this week:
- Bitcoin price change: The price of Bitcoin dropped from $62.54K to $59.03K over the previous week, which represents a 5.52% negative change.
- Market capitalization:Bitcoin’s market cap fell from $1.23 trillion to $1.17 trillion over the last seven days.
- Top performing Bitcoin altcoins: It was a tough week for altcoins on the Bitcoin Runes ecosystem with only one of them recording positive gains in the last one week, NICOLAS•PI•RUNES whose price increased by 4.87% from $0.0003059 to $0.0003200.
Related: Australia’s Booming Bitcoin ATM Market
Bitcoin took a little Monday morning tumble, slipping down to a 24-hour low of around $57,250.But like the resilient crypto it is, Bitcoin dusted itself off and bounced back to over $58,000.
According to CoinGecko, the exact low was $57,257.71, before Bitcoin decided it was time to get its act together and climbed back to $58,419.26, which was 8.6% down from last week’s high.
While it's playing it cool for now after recovering to $59,000, it's still nursing a bit of a weekly hangover, down 5.52%, mainly because of pesky ETF outflows and dwindling exchange reserves.
What’s driving Bitcoin’s Price this week?
Analysts are waving the red flag, saying things could get messier before they get better in September. With a reversal zone looming, Bitcoin’s price might be in for a wild ride.
And just to keep things interesting, the crypto markets are bracing for some key events this month, which could send Bitcoin on a rollercoaster of volatility.
The analysts at QCP Capital are predicting more bumps ahead for Bitcoin, which make it really seem like a never-ending game of Whac-A-Mole.
They’re eyeing the $54,000 level as the potential crash pad, which seems to be the only comforting news after Bitcoin wrapped up the month with a depressing 8.6% drop on Monday—thanks, earlier on the crash was motivated by the Bank of Japan’s crash.
QCP also reminds us that September is Bitcoin's least favorite month, historically serving up a sad -4.5% return.
It's like September rolls around, and Bitcoin decides to take an extended nap or a 1-month vacation.
Coinglass backs this up, showing that since 2013, Bitcoin's average September return has been a dismal -4.78%. So, if you were hoping for a September miracle, you might want to lower those expectations and prepare for Bitcoin to hit the snooze button yet again.
Bitcoin monthly returns since 2013
Bitcoin Meme of the Week
Bitcoin pic.twitter.com/qh5tRsgkWW
— naiive (@naiivememe) September 2, 2024
Weekly Bitcoin Price Analysis
On September 1, Bitcoin slipped below its $58,000 support line, but the bears couldn’t quite push it down to the key $55,724 mark. This hints that buyers are eagerly scooping up Bitcoin at those lower prices, which is preventing the bears from having their way.
The bulls are gearing up to give it their best shot at pushing the price above the moving averages. If they manage to pull off this little magic trick, the BTC/USDT pair might just sprint up to $65,000.
But don’t get too excited—$65K is like the bouncer at the hottest club in town, and it’s not letting Bitcoin in without a fight. So, we’re likely to see BTC hanging out in the familiar range between $55,724 and $73,777 for a little while longer.
Abimbola Adu
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
