However, Hayes has provided no specific support level for the crypto asset. Related Reading: Bitcoin 200-Day Average Signals Waning Bullish Momentum, Here’s What It Means For BTC Price What’s Next For Bitcoin? Generally, Bitcon’s bearish start to September is largely unsurprising following the token’s previous performances where it recorded an average loss of 4.78% in the last 11 years. With a decline of nearly 10% in the first week, it is possible Bitcoin will experience a total double-digit loss by month’s end as in 2014 and 2019. However, the latest data from Non-Farm Payroll shows an increase in US jobs by 142,000 as well as an employment rate of 4.2%.
As explained by Martinez, a score nearing 0 suggests that BTC investors are either offloading their holdings (distributing) or actively purchasing (accumulating) the premier cryptocurrency. This trend, which represents a decline in buying interest, can be interpreted as unusual amidst Bitcoin price loss, which provides an opportunity for token accumulation at lower prices using dollar cost averaging strategies.
If such a prediction proves true, Bitcoin could receive a price boost in the final weeks of September, leading into October, when the crypto market leader is expected to produce a double-digit price gain according to historical price data. At the time of writing, Bitcoin was trading at $53,855 with a 4.13% decline in the last 24 hours.
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