A quiet September? Here’s what’s in store for Bitcoin [BTC]

Bitcoin [BTC] will add to trader concerns despite two major upgrades across the crypto industry in September. Furthermore, Ethereum will release the merge on September 15, while Cardano Vasil will launch a week later. These long-awaited upgrades are expected to change the mood of traders across the industry. However, recent data tells a different story as far as bitcoin is concerned.

CryptoQuant analyst Maartunn recently shared his briefing on what had been a highly volatile weekend. The analyst revealed that open interest is showing steady growth on the charts while BTC continues to trade sideways. According to the analysis, funding rates are helpful in managing volatility, but they have remained neutral, making it difficult to show where bitcoin is headed.

Source: CryptoQuant

Adding to this short-term fear, Glassnode reported increasing pain for investors right now.

According to this update, Percent Supply in Profit (7d MA) just touched a 1-month low of 52.2%. This will come as an early reminder of Bitcoin’s mind-blowing prices. At press time, Bitcoin was trading at $19,720 after posting a 1.65% drop over the week.

Source: Glassnode

Another Glassnode tweet shed light on declining volume in Bitcoin futures. According to the tweet, Bitcoin perpetual futures contracts (24h) volume recently hit a 5-year low on Kraken at $716,813.

Source: Glassnode

There is more here

Popular crypto analysts have also pointed to a worrying pattern in Bitcoin’s past performances in September. For example, one analyst revealed that Bitcoin has closed nine out of the last twelve Septembers in the red.

“If we go back and look at all previous Septembers, just up to 2010, you can actually see that all but three were red and the only ones that were green showed a move up about 2.5%, a 6% and 15% are moving up.”

With no major reasons to be optimistic, social activity on Bitcoin is also starting to stagnate. As shown in the chart below, social volume has also held up as online discussions about bitcoin are not seeing a particular surge.

Source: Santiment

Conclusion

Bitcoiners don’t have much to celebrate right now as their king, crypto, is chasing the latest $20,000 resistance. From dropping $70,000 to battling $20,000, this is a massive downturn in Bitcoin’s journey.

Ergo, it remains a waiting game for now as BTC enters September on a dovish note.

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