Key Takeaways

• Bitcoin has crossed crucial support zones, indicating a potential decline to $100,000.
• Recent technical assessments confirm a bearish trend.
• The cryptocurrency experienced a 6.5% drop in August, marking the end of a four-month winning streak, alongside a loss of $751 million from ETFs.

BTC risks deeper slide to $100K.

Technical Summary: This article discusses Bitcoin’s recent market behavior and potential risks. The cryptocurrency fell below key moving averages, and market analysts suggest this shift could forecast potential declines. Be conscious of seasonal patterns as historically, September is hard on Bitcoin. Since 2013, the average return in September has been -3.49%, with closures lower in eight of the last twelve years, citing Coinglass data.

Last month saw Bitcoin navigate through critical support points, including indicators like the Ichimoku cloud and various moving averages. If the price does not revert to the $113,510 established on August 28, the bearish streak may continue.

For the bullish faction, surpassing past highs is essential to change the current outlook.

Support & Resistance Levels

• Support: $105,240, $101,366, $100,000.
• Resistance: $110,756, $113,510, $115,938.

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