Could September Be Rough? Bitcoin Slips 6% and Eyes $100K

Bitcoin Faces $100K Risk After August Slump, Technicals Turn Bearish

Bitcoin (BTC $108,638.72) is showing signs of weakening momentum after a 6.5% drop in August, putting the $100,000 level at risk. The pullback ended a four-month rally, with U.S.-listed spot ETFs recording outflows of $751 million, according to SoSoValue.

The cryptocurrency has broken several key technical supports, including the Ichimoku cloud, the 50-day and 100-day SMAs, and horizontal zones defined by the May high of $111,965 and December high of $109,364. These breaches underscore rising bearish pressure in the market.

Momentum indicators are signaling caution. The Guppy Multiple Moving Average (GMMA) shows short-term EMAs dipping below long-term EMAs, confirming downward momentum, while the weekly MACD histogram has fallen below zero, indicating a shift from bullish to bearish sentiment.

If the downtrend continues, Bitcoin could test the 200-day SMA at $101,366, with the $100,000 psychological level increasingly in focus for traders.

Seasonal Headwinds

Historical patterns add further pressure. September has traditionally been a weak month for Bitcoin, delivering an average return of -3.49% since 2013, with eight of the last twelve Septembers closing lower (Coinglass data).

Bulls need to reclaim the $113,510 lower high set on Aug. 28 to counter the bearish outlook. Until then, technical and seasonal factors point to a cautious environment for Bitcoin investors.