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- After a long period of horizontal movement around $30,000 in recent weeks, the price of Bitcoin finally broke with a weekly decline of 11%.
- If positive news about spot Bitcoin ETFs comes in the first week of September 2023, it is possible to restore the bullish sentiment.
- Developments regarding recent spot ETF applications have increased investors’ expectations, but it had only maintained a horizontal movement since July 2023.
The price of Bitcoin witnessed a sharp decline along with the news of SpaceX and Evergrande, but there are developments that require investors not to lose hope.
Bitcoin Price May Rise in September
After a long period of horizontal movement around $30,000 in recent weeks, the price of Bitcoin finally broke with a weekly decline of 11%. The sharp price drop on August 18, 2023, significantly affected the profits of individual BTC holders. Does this mean that the crypto market is slowly moving towards a bear market?
Whether the cryptocurrency will remain in the correction phase will be seen in the coming days. Previously, COINOTAG reported that BTC had maintained support levels of $25,000 and then $21,500 in the current range, which means that traders may experience fear, uncertainty, and doubt (FUD) about shorting their positions. However, if positive news about spot Bitcoin ETFs comes in the first week of September 2023, it is possible to restore the bullish sentiment.
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Between September 1 and September 6, 2023, the U.S. Securities and Exchange Commission (SEC) is expected to announce updates or decisions regarding spot ETF applications from companies such as Blackrock and Wisdomtree.
Changes in Profitable Addresses
Developments regarding recent spot ETF applications have increased investors’ expectations, but it had only maintained a horizontal movement since July 2023. Therefore, the emotional state was vulnerable to macroeconomic and broader financial market movements, such as the sale of SpaceX’s $373 million worth of Bitcoin assets.
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The BTC price drop on August 18, 2023, coincided with a sharp decline in the Nasdaq Composite Index and the S&P 500 Index. As a result, a large portion of traders became less profitable or faced unrealized losses, according to Glassnode data.
Looking at the 7-day moving average, the number of BTC addresses saw a significant decline, reaching a monthly low of 32,506,617 addresses.
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