Bitcoin’s $100K support faces its toughest test yet – Miners cash out
Key Takeaways
Bitcoin closed August down 6.49%, snapping its mid-year restoration. Elevated miner flows and September’s weak seasonality maintain the $100K help underneath risk.
Bitcoin [BTC] wrapped up August on a weak notice, snapping its current momentum with a pointy month-to-month decline.
Promoting stress from miners and fragile help ranges elevated the danger of deeper losses because the market entered September.
August’s purple end breaks Bitcoin momentum
Bitcoin ended August with a 6.49% unfavorable return, halting its mid-year restoration and aligning with its tendency for late-summer weak point.
The drop stood out towards July’s 8.13% achieve, a pointy reversal in sentiment.
In reality, August has been unfavorable in 4 of the previous 5 years, with 2020 being the final robust inexperienced for the month.
Supply: X
Naturally, this seasonal sample has stored merchants cautious about September’s prospects.
September, to date, has additionally been weak for Bitcoin (with a median return of -3.12%). The query now’s whether or not the $100K help zone can face up to additional promoting stress.
That is particularly unsure as Miner Flows and macro circumstances proceed to weigh on momentum.
Miner promoting provides stress to the correction
After August’s decline, Miner Flows got here into focus, and the indicators have been bearish.
A recent CryptoQuant report confirmed elevated Miner to Change Movement, significantly into Binance, signaling stronger promoting stress.
After touching an ATH in mid-August, Bitcoin slid roughly 13% to round $108,700 by early September. To not point out, the transfer lined up with profit-taking and miner liquidations.
Supply: CryptoQuant
The April 2024 halving had already squeezed margins for smaller gamers, pushing many to dump cash simply to remain afloat.
If this development persists, the correction can deepen, particularly with $100,000 now performing as a important help stage for merchants.
Key ranges in focus as September buying and selling kicks off
