Key Points:
Bitcoin steps along with gold, rising to $112,000 when gold reaches its all-time high.
BTC’s price action has yet to confirm a reversal, commentators said there is still a risk of a $100,000 DIP.
Seasonality in September means that the third week of the month is guaranteed to see losses.
Bitcoin (BTC) surged in gold when Wall Street was open on Tuesday, bringing the Bulls through short liquidity.
Trader: BTC price is still for a DIP of $100,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD will hit a new September high of $111,775 on BitStamp.
The pair joined the gold as the latter reached an all-time high of over $3,500 per ounce, up almost 2% per day. It was built on a breakout that began on Friday in accordance with US macroeconomic data.
There is Coinglass data that shows Bitcoin punishes bearishes and shows a four-hour crypto short liquidation of around $60 million at the time of writing.
Reacting, crypto market commentators were in “wait and watch” mode.
Uploading the chart from one of its own trading tools to X, Keith Alan, co-founder of Material Indicators, highlighted the importance of a 21-day simple moving average (SMA).
“The strong technical resistance lives where 100-day SMAs meet on trendlines,” he writes in part of the accompanying commentary.
“The BTC Bulls need to R/S flip it to prevent a death cross between the 21st/100 days of MAS.”
Crypto expert Marcus Corbinus described the “critical moment” of BTC’s price strength.
“Price is on the uptrend, but now it’s sitting at the bottom of the channel,” he told X-followers on part of the post.
“Heavy bearish candles are closed and signal buyers are losing grip. A breakdown here can be seen at the end of the uptrend → a fresh downtrend can be seen at the beginning.”
Corvinus said the next daily candle would determine a possible reversal fate, but popular trader Roman dismissed the idea that he was already playing.
“Here we’re losing 112K support and trying to turn it into a new resistance, so there’s no indication of a comeback here,” he summed up, adding, “I haven’t seen why we won’t see a 100k support touch in the next few days.”
As reported by Cointelegraph, Roman claimed that a $100,000 loss over the weekend would end the current bull market.
Bitcoin will soak “100% of the time” on September 3rd
Back to his historic September performance, network economist Timothy Peterson had no good news for Bitcoin supporters.
Related: Bitcoin short-term holders sparks causing bottom signal at $107k with rare BTC price
September is synonymous with poor performance for BTC/USD, resulting in an average loss of 3.5% since 2013.
“The monthly average is deceived. The volatility is very high,” Peterson noted.
“Bitcoin will dump 100% of the time between the 16th and 23rd, with a typical decline of -5%.”
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
