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- Concerns regarding the bear market in September have revived speculation about a potential downturn.
- If the price succeeds in surpassing the $25k threshold, it may likely descend to the $20,250 level.
The United States SEC has delayed its decision on the Bitcoin spot ETF until October, contributing to downward pressure on the BTC price. Numerous leading analysts concur that the BTC price is likely to drop to the $24,800 level before possibly recovering.
However, the bear market concerns in September have rekindled speculation about an impending decline. Traditionally, September has been unfavorable for high-risk investments, including Bitcoin, and it appears that this year will follow suit.
Conversely, larger wallet addresses have exhibited increasing optimism. Within just two weeks, addresses holding at least 0.1% of Bitcoin’s total supply have accumulated an impressive $1.5 billion worth of BTC, according to data from IntoTheBlock.
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High Volatility Anticipated
The legal victory by Grayscale provided Bitcoin with essential momentum, but this has already been diminished. The past week has experienced significant fluctuations, with prices varying from a low of $25,680 to a high of $28,130.
Source: CoinMarketCap
As of this writing, Bitcoin is trading at $25,818, reflecting a decrease of 0.77% according to data from CMC. The price found support at the $25,450 level following a sharp decline from the $28,000 mark.
If the price manages to break the $25,000 level, it may likely drop to the $20,250 level. Conversely, if it can surpass the $26,120 mark, it will likely retest the $28,000 resistance level. Additionally, high volatility is anticipated as the price has been consolidating recently and is poised for a breakout in either direction.
