Potential shift in Bitcoin trend for September based on reduced selling pressure and favorable factors
From Investing.com
September 1, 2024 11:00 AM:
Bitcoin, the top cryptocurrency, ended August down 8.73%. Analysts anticipate a negative September for Bitcoin based on past trends, but recent insights suggest a potential shift. Factors include reduced selling pressure, strong long-term holders, possible buying from Bitcoin ETFs, and favorable interest rates. Will September break the usual slump?
Selling pressure for Bitcoin has decreased significantly, with major forces unloading billions of dollars in July and August. The U.S. government holds over 200,000 confiscated BTC, but recent actions indicate low risk of sell-offs. Long-term holders increased their supply in August, while potential buying factors include Bitcoin ETFs and positive market conditions.
In 2023 and 2024, the U.S. government transferred a significant amount of BTC to Coinbase at a high price, with minimal impact on the market. Long-term holders now hold 75% of the total BTC supply, indicating strong faith in the cryptocurrency. Other potential buying triggers include a possible FED interest rate cut and FTX’s repayment to creditors in cash.
Read more at Investing.com: Will Bitcoin Break September’s Jinx? What Data Suggests By U.Today