September has started with significant losses for the bitcoin market after a 9.16% price drop occurred in the last week bitcoin/” target=”_blank”>based on data from CoinMarketCap. During this period, the price of the largest cryptocurrency has fallen below $53,000 and hit a low last seen in early August. Interestingly, despite bitcoin's low prices, investors are showing an unusual drop in buying interest.
Investors are slowing bitcoin accumulation: What could be behind it?
In ax.com/ali_charts/status/1832127627173175651″ target=”_blank”> Friday's x post,
This trend, which represents a decline in buying interest, can be interpreted as unusual amid bitcoin’s price loss, providing an opportunity for token accumulation at lower prices using dollar-cost averaging strategies. One possible reason for this decline in ATS could be that investors believe the btc market has not yet bottomed, which will provide an attractive entry point.
Interestingly, Bitmex co-founder Arthur Hayes has predicted that bitcoin could fall below $50,000 this weekend amid its current downtrend. However, Hayes has not provided any specific support levels for the crypto asset.
<img class="wp-image-640386 size-large" src="https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-investors-tremble-as-accumulation-trend-nears-zero.jpeg" alt="bitcoin” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/09/GWzc7SrXkAAN2yo.jpeg?w=1199 1199w, https://www.newsbtc.com/wp-content/uploads/2024/09/GWzc7SrXkAAN2yo.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/09/GWzc7SrXkAAN2yo.jpeg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-investors-tremble-as-accumulation-trend-nears-zero.jpeg 860w, https://www.newsbtc.com/wp-content/uploads/2024/09/GWzc7SrXkAAN2yo.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/09/GWzc7SrXkAAN2yo.jpeg?w=1140 1140w” />
What's next for bitcoin?
Overall, bitcoin's bearish start to September is largely unsurprising after the token's previous performances, where it recorded an average loss of 4.78% over the past 11 years. With a drop of almost 10% in the first week, it is possible that bitcoin could see a total double-digit loss by the end of the month like in 2014 and 2019.
However, the latest data from Nonfarm payroll The report shows an increase of 142,000 jobs in the United States and an employment rate of 4.2%. Based on these figures, Citi analysts had already predicted that the US Federal Reserve could implement a rate cut of between 25 and 50 basis points at its meeting on 18 September.
If such a prediction turns out to be true, bitcoin could receive a price surge in the last weeks of September, leading up to October, when the cryptocurrency market leader is expected to produce a double-digit price gain according to historical price data.
At the time of writing, bitcoin was trading at $53,855 down 4.13% over the past 24 hours. Meanwhile, the asset’s daily trading volume has increased by 58.82% and is valued at $49.3 billion.
