The fall of cryptocurrency sent shockwaves to all crypto enthusiasts. While the crypto portfolios saw a steep drop, now the enthusiasts are in confusion about whether it’s the right time to stake money in these new-age coins or whether investors should have more patience. While cryptocurrencies are some of the most volatile assets, history is witness to their surprise growth. And talking about the fall, Bitcoin is not alone, when stablecoins have also witnessed the fall.
What’s in for Bitcoin in September?
If you are still holding BTC, then you might be disappointed with what experts say. While continuing with its inherent volatile nature, Bitcoin was trading at more than $24,000 before sliding down to the $21,000 range in just a few days. However, the story does not end here for Bitcoin. Their prices dropped below the $20,000 mark a few times recently. From its all-time high in November 2021, Bitcoin prices have fallen more than 70%. Bitcoin's actual resistance, also its 100 hourly simple moving average is $23,000. Therefore, if the BTC fails to clear its resistance of $23,000 and its 100 hourly simple moving average, then the Bitcoin prices will continue to struggle.
Bitcoin’s major price support sits at $22,000 but the price still struggles to reach there. Earlier, Bitcoin was considered immune to fluctuations due to the economic and financial markets. However, the reality has changed. Bitcoin is now susceptible to fluctuations. Further, investors are losing faith in Bitcoin due to its continual fall. While it saw some recovery during the June-July period, it was short-lived. While the trend is decreasing, no one knows what lies in the future.
In a Nutshell
In the past, Bitcoin bounced back after the fall. Bitcoin enthusiasts know that Bitcoin’s real value lies in the idea and potential it carries. Therefore, everyone’s eyes are on September to see what happens to one of the most popular crypto coins. What are your thoughts on it? Trade on your thoughts about BTC and other cryptocurrencies on the Events exchange – TradeX.