Bitcoin Slips After August Loss, $100K in Sight as Bears Gain Control
Bitcoin (BTC $108,638) is showing increasing bearish pressure after a 6.5% decline in August, breaking a four-month rally. U.S.-listed spot ETFs saw $751 million in outflows during the month, highlighting waning investor confidence, according to SoSoValue.
Technically, BTC has breached multiple key supports. The Ichimoku cloud, 50-day and 100-day SMAs, and horizontal resistance zones around the May high of $111,965 and December high of $109,364 have all failed to hold. These breakdowns signal mounting downside momentum.
Indicators confirm the trend: the Guppy Multiple Moving Average (GMMA) shows short-term EMAs crossing below long-term EMAs, while the weekly MACD histogram has dropped below zero, marking a transition from bullish to bearish conditions.
If selling persists, Bitcoin could test the 200-day SMA near $101,366, with the $100,000 psychological level increasingly in focus.
Seasonal Patterns Add Pressure
September has historically been weak for Bitcoin. Since 2013, BTC has recorded an average return of -3.49%, with eight of the last twelve Septembers closing in the red, according to Coinglass.
To reverse the bearish outlook, bulls need to reclaim the $113,510 lower high set on Aug. 28. Until that threshold is breached, technicals and seasonal trends suggest heightened caution for traders.
