Bitcoin [BTC] is looking to add to traders’ woes in September, despite two major upgrades in the crypto industry. Additionally, Ethereum is expected to release the merger on September 15 while Cardano is expected to launch Vasil a week later. These long-awaited upgrades are expected to alter the sentiment of traders across the industry. However, recent data shows a different story when it comes to Bitcoin.
CryptoQuant analyst ‘Maartunn’ recently shared his briefing on a highly volatile weekend. The analyst revealed that Open Interest is showing steady growth on the charts while BTC continues to trade sideways. According to the analysis, funding rates are helpful in guiding volatility, but they have remained neutral, making it difficult to show where Bitcoin is heading.
Source: CryptoQuant
Adding to this short-term fear, Glassnode reported on the growing pain for investors right now.
According to this update, the Profit Bid Percentage (7d MA) just hit a one-month low of 52.2%. This will come as an untimely reminder of disappointing bitcoin prices. At press time, Bitcoin was trading at $19,720 after overseeing a 1.65% decline over the week.
Source: Glassnode
Another glass knot Tweeter shed light on the decline in Bitcoin futures volume. According to the tweet, Bitcoin perpetual (24h) futures volume recently hit a 5-year low on Kraken at $716,813.
Source: Glassnode
There is more here
Popular crypto analysts have also pointed to a worrying pattern in Bitcoin’s past performance in September. For example, one analyst revealed that in nine of the last twelve months of September, Bitcoin ended in the red.
“If we go back and look at all the previous Septembers, going back just to 2010, you can actually see that all but three of them were red and the only ones that were green gave about 2.5% of upward movement, a 6% and an upward movement of 15%.
With no major reason to be bullish, social activity is also starting to stagnate on Bitcoin. As seen in the chart below, social volume has also maintained its levels as online Bitcoin discussions are not seeing any particular surge.
Source: Santiment
Conclusion
Bitcoiners don’t have much to celebrate right now as their king crypto chases the last $20,000 resistance. From falling from $70,000 to struggling to reach $20,000, this is a massive downturn in Bitcoin’s journey.
Ergo, it remains a waiting game for now as BTC enters September on a low note.
