BTC Briefly Slips to $107k as September Opens Bearish

TL;DR

• Bitcoin lost 6% of its value in August despite hitting a new all-time high.

• Analysts expect BTC’s price to retest $100k in September after losing a key support region

Bitcoin Could Face Further Selling Pressure in September

The cryptocurrency market has been bearish over the past few weeks and ended August with losses. Bitcoin, the leading cryptocurrency by market capitalization, lost 6% of its value last month despite reaching a new all-time high in mid-August.

The market has been experiencing a sell-off despite institutions buying the dip. Strategy and Metaplanet continue to add to their treasury, but that hasn’t helped Bitcoin’s price push higher.

Bitcoin is now down 1% in the last 24 hours and is trading at $108,124. It has slightly recovered after dropping to the $107,300 region a few hours ago. The recent drop means that Bitcoin has failed to defend the crucial horizontal support zones formed by the May high of $111,965 and the December high of $109,364. This could see BTC’s price drop to the $100k mark for the first time since June.

Altcoins are also not left behind, as they have been underperforming in recent weeks. Ether has dropped below $4,400 after hitting nearly $5k a few days ago. XRP has retested the $2.72 support level and is currently down 3.7% in the last 24 hours. 

Thanks to the ongoing bearish performance, the total cryptocurrency market cap has dropped below $4 trillion and now stands at $3.75 trillion.