Bitcoin shed more than 2% on Sep. 1 as an “out of hours” monthly close turned ugly for bulls.
BTC price stares down traditionally “red” September
Data from Cointelegraph Markets Pro and TradingView showed BTC price weakness producing lows of $57,230 on Bitstamp — a level last seen on Aug. 16.
Coming midway through a weekend, less liquid conditions made for a grim monthly close, with buyers unable to prevent further losses later.
Bitcoin thus finished August down 8.6%, below its average of 1.75% gains, per data from monitoring resource CoinGlass. Its figures likewise reveal that September is historically a poor month for BTC/USD, with average losses totaling 4.5%.
“Local level taking a beating, wouldn’t be surprised if it gives way eventually,” popular trader Crypto Chase wrote in part of an X post about short-timeframe market activity.
“Bulls want to see 55.5-56.5K hold or decisive PA above 61K~. Losing 55K likely means 51K~.”
Fellow trader Exitpump noted “aggressive” short selling at the day’s local lows, with the weekly close now hours away.
“Bitcoin continues to retest the Channel Bottom,” trader and analyst Rekt Capital continued while analyzing the weekly chart.
“Bitcoin needs to Weekly Close above $58450 to confirm the Channel bottom (black) as support. Retest is still in progress.”
Short squeeze odds target $61,300
CoinGlass liquidity data meanwhile furthered the bearish narrative, with price slicing through layer after layer in its journey downward over the last week of August.
Commenting, popular trader CrypNuevo suggested that both upside and downside liquidity hunts could come this week.
“In a trading perspective, I’m favoring longs so I’d prefer seeing the move down first to hit the liquidations and fill the wick at $56.6k where I could long,” he wrote in part of an X thread.
“So I’m keeping a long order at that $56.6k level on Sunday & Monday in case we see a false move at the start of the week.”
CrypNuevo gave the target for a potential upside liquidity grab as $61,300.