Why Bitcoin is currently weak?

[TomPluz]

As of the moment, Bitcoin is standing at $54,334.40 which, of course, is not what many of us who are hodlers are expecting this month of September after a lousy August performance. Since September 1, the price has been on a steady decline from around $57K to now at $54K...with even more possibility of another slide down the hill even getting into the $50K level and lower.

So what makes Bitcoin so sluggish at this time of the year? According to Cointelegraph: "A weak US labor market, fear of a tech bubble, and regulatory actions are factors behind Bitcoin’s recent sell-off."

Seems to me that the weakness of the US economy is dragging Bitcoin down. Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

[Mia Chloe]

As of the moment, Bitcoin is standing at $54,334.40 which, of course, is not what many of us who are hodlers are expecting this month of September after a lousy August performance. Since September 1, the price has been on a steady decline from around $57K to now at $54K...with even more possibility of another slide down the hill even getting into the $50K level and lower.

I won't say bitcoin is weak of course bitcoin as well as other crypto currencies are very volatile and I'll say that's part of the reason for the negative shift in price or price drop rather of bitcoin. Funny how I haven't really been following up with bitcoin price for a while now infact I didn't even know the dip was still in session and that bitcoin had fallen below $55k until this morning when I came across a post here. I haven't really had much time to spare in checking BTC price chart to see what's going on.
However my best guess is that if no news or government decision caused this then in terms of crypto trading it's likely trying to go back to some previous low in order to mitigate certain inefficiencies.

[bitterguy28]

Seems to me that the weakness of the US economy is dragging Bitcoin down. Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

it is definitely possible that bitcoin’s price is affected by us economy because us is a major player in the global scheme of economy which means any news from us could just easily pump bitcoin up the election is coming up which i think could affect the market as well

with that said i don’t think (i hope) it will go down 50k anymore we are still expecting for it to surpass or at least reach 70k before the year ends so hopefully it goes that way as soon as possible

[Stompix]

Seems to me that the weakness of the US economy is dragging Bitcoin down.

It's not the weakness, the US economy grew at 2.8% the last quarter, more than anyone expected, it's other things that are bringing it down and the most important is interest rates, why would anyone put money in risky investments when they can get go for bonds at higher rates just before the cut?

In all, taxable bond funds and ETFs pulled in more than $280bn between January and July — outstripping 2023’s full-year total of $225bn, and contrasting with the $204bn in outflows those funds endured in 2022, according to Morningstar.

280 billion in fresh bonds money in 6 months, that's alone 4 times overall Bitcoin BTC ETF,and that's just normal inflow, not total value.

Investors are pulling money out of stocks and risky assets waiting for the FED, crypto is a small player in this massive movement.

[0t3p0t]

I think what had happened recently is just a healthy pullback and nothing to worry about. I personally do not know what is the real reason behind the dip other than it's natural volatility. I am wondering if there are specific news that drives the price down because I don't have any idea about the current events as I am a bit busy.

[SamReomo]

Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

Yes, I think that Bitcoin can possibly go below $50k if such intense selling pressure takes place once again. even think that there's chance to see Bitcoin below $49k mark if some bad event takes place because it's month of September and I guess it's the worst month for Bitcoin and for the whole market.

[Rikafip]

Now, do you think Bitcoin can even go lower than $50K this month of September

Absolutely. Hell, it can even go below $40k.

or would you rather think that there can be a big rebound days from now?

Historically, bitcoin starts performing better approximately half a year after a halving, and since we are getting close to that, the chances of a rebound are increasing. Having said that, if I were you, I wouldn't obsess much about short term bitcoin price fluctuations and would instead focus on the big picture.

[SmartGold01]

As of the moment, Bitcoin is standing at $54,334.40 which, of course, is not what many of us who are hodlers are expecting this month of September after a lousy August performance. Since September 1, the price has been on a steady decline from around $57K to now at $54K...with even more possibility of another slide down the hill even getting into the $50K level and lower.

So what makes Bitcoin so sluggish at this time of the year? According to Cointelegraph: "A weak US labor market, fear of a tech bubble, and regulatory actions are factors behind Bitcoin’s recent sell-off."

Seems to me that the weakness of the US economy is dragging Bitcoin down. Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

Well the above news can be a factor which is causing this decline in bitcoin but to me I will say it's a natural system that repeats itself almost in every year which in turns formulate the two seasons being bull/bear. Whenever there is slight change we often see bitcoin react this way because it's something that makes its tradable where we must not always think bullish at every moment., If you watch historically you would also see that nearly this period same thing happened to bitcoin if I am not mistakenly and you may also want to asked whether is there no news that propelled the piece very low this way? And I will say yes, there could be news and of course every year there is always driven forces that causes panicked among traders which would definitely results to huge dump.

[taufik123]

-snip-
Seems to me that the weakness of the US economy is dragging Bitcoin down. Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

Thinking about getting a big rebound day later, that will always happen, but it will happen at the right moment of course.
Now it only focuses on starting to buy back when the market is not doing well and the news that is circulating is a manipulated carried out by whales.

However, whales have control over the price, by doing a lot of manipulation on the fundamentals of the crypto market.

Bitcoin could fall below $50k, but that would require worse news or when selling pressure is even greater.
will have a good opportunity for retail traders who still own Fiat to make a repurchase, this is an opportunity to get a cheaper price and will get more profits when a Bullish occurs.

[Mia Chloe]

Historically, bitcoin starts performing better approximately half a year after a halving, and since we are getting close to that, the chances of a rebound are increasing. Having said that, if I were you, I wouldn't obsess much about short term bitcoin price fluctuations and would instead focus on the big picture.

Exactly you have made quite a nice point here. Some bitcoin enthusiast think that bitcoin is supposed to hit probably the $100k mark immediately after the completion of the mining of the halving block. However it really hasn't been soo for a couple of mining blocks over the years now. For people who trade bitcoin, they would make use of terms like bitcoin trying to break lows just to cover and mitigate inefficiencies it must have left behind during the process of breaking highs.
Like I always say , bitcoin will get to a 100k however I can't really tell when though I don't really see the picture of it happening this year. Although it's very possible, I still believe the chances are thin.

[Tribalchief]

Seems to me that the weakness of the US economy is dragging Bitcoin down. Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

I was left in shock for about 2 minutes when I saw this unexpected drop. As you've said, this is not what any of the hodlers were expecting, but we all know that Bitcoin behaves this way sometimes, so such declines are inevitable. However, I didn’t expect it to this extent. I hate to say this, but I have a feeling that Bitcoin might drop below what we are currently seeing, though I'm not sure it will go below $50K. If it does happen, buyers are likely to pour in all their fiat and accumulate as much as they can, which would certainly be a win for them. Meanwhile, traders, on the other hand, will either have to pause their activities or accumulate in preparation for any potential profit taking opportunities.

[Hamza2424]

Hehe, I dont know but seems like Bitcoin is sick of the weak hands that's the reason Bitcoin is currently in its low zone and I'm sure it will be out of it anytime soon with the peak strength. Haha dont mind dear moderator that was just a funny reply but currently, we are on the range to recover our support level again but seems like it needs a push and that might be after 10th of September for sure I'm super bullish about September.

[Hisbullah]

I think what had happened recently is just a healthy pullback and nothing to worry about. I personally do not know what is the real reason behind the dip other than it's natural volatility. I am wondering if there are specific news that drives the price down because I don't have any idea about the current events as I am a bit busy.

Isn't it natural that after botcoin halving we will see short bearish, because there are some things that we should probably know as the cause of bitcoin looking weak. For example the US presidential election, the German government and Mt Gox which caused bitcoin sales. If I think this is the time to buy bitcoin and some potential coins to hold. Because I believe this condition will not last long, bitcoin will go up again.

[sampoerna]

It is no longer a secret that at the beginning of the month, usually the market is always red at the beginning of the new month, right? Maybe it's just the cycle that is making the market really drop.

Unfortunately, it's all quite difficult to predict whether next week will only be the same as the current price or whether it will develop better. But what is certain is that our attitude should be much wiser so that we don't see the price of Btc and panic again. Especially when the price of BTC drops so much as it did in the first days or weeks of the month

And the hope is that the price of BTC will soon rise again. while looking at the chances to enter some promising top altcoins but still for me, Bitcoin is number one.

[alltalk]

So what makes Bitcoin so sluggish at this time of the year? According to Cointelegraph: "A weak US labor market, fear of a tech bubble, and regulatory actions are factors behind Bitcoin’s recent sell-off."

Sometimes, I think this kind of news isn't the main of the reason. The main reason is the dump done by whales. Sure, there are many people worried when they read bad news but most of us have learned many times and experienced this for years. I still believe, it is not only about the fear, but there is something bigger. The market manipulation may be another reason besides the news you enclosed above.

Now, do you think Bitcoin can even go lower than $50K this month of September or would you rather think that there can be a big rebound days from now?

I am sure there will be a rebound in the next few weeks. It dropped to $52k - $53k but it already increased again to $54k now. It seems Bitcoin to try raising again to above $55k. I think it will be above $60k again very soon.