Despite another dip in crypto markets over the weekend, they have been largely range-bound for the past six months.
On Sept. 2, on-chain analyst James Check said that the <a href="https://cryptopotato.com/ai-expert-asks-is-bitcoin-too-big-to-fail-opinion/" rel="noopener noreferrer nofollow">Bitcoin</a> “chopsolidation is evolving.”
He added that the swings are getting larger and more sustained but cautioned that the price range is becoming unstable.
<blockquote>
 “Screams to me that this price range is becoming ‘unstable’, and the market is ready to move somewhere else.”
</blockquote>
https://twitter.com/_Checkmatey_/status/1830374689904251138
<h2 id="btc-up-or-down-in-september">BTC Up or Down in September?</h2>
Some have suggested that the big move may <a href="https://cryptopotato.com/5-bearish-and-4-bullish-factors-for-bitcoin-btc-in-september/" rel="noopener noreferrer nofollow">come in September</a>, given the likelihood of a Federal Reserve interest rate adjustment.&nbsp;However, analysts have observed that September is historically bearish for Bitcoin.
Since 2013, BTC has seen monthly positive returns of +2.35%, +6.04%, and +3.91% across three Septembers. However, there were losses ranging between -1% to -7.5% for six previous ones, observed “Rekt Capital.”
The analyst concluded that Septembers were usually consolidation months with a higher chance of small downsides.
<blockquote>
 “Across Septembers therefore, we more commonly see small single-digit downside vs small-digit upside.”
</blockquote>
<blockquote class="twitter-tweet">
 Is September really a down month for <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a>?
 Since 2013, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> saw monthly returns of +2.35%, +6.04% and +3.91% across three Septembers
 And across 6 Septembers, BTC saw negative monthly returns ranging between -1% to -7.5%, with only two instances of double-digit downside (i.e.… <a href="https://t.co/S4VZxh9t9s" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/S4VZxh9t9s</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1830329336932581730?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 1, 2024</a>
</blockquote>

Meanwhile, analyst Willy Woo looked at the distribution of Bitcoin on exchanges noting that the influx of BTC from the German and US governments and <a href="https://cryptopotato.com/bitcoin-back-below-60k-as-mt-gox-moves-13265-btc/" rel="noopener noreferrer nofollow">Mt.Gox distributions</a> “is slowly being absorbed.”
Leverage in crypto derivatives is also declining, which is a good sign, he said before <a href="https://x.com/woonomic/status/1830432242478539195" target="_blank" rel="noopener noreferrer nofollow">adding</a>:
<blockquote>
 “Overall, in terms of supply, things have moved from bearish towards neutral.”
</blockquote>
Commenting on liquidity using the 7-day liquidation heatmap on Sept. 1, analyst “CrypNuevo” <a href="https://x.com/CrypNuevo/status/1830217458713604407" target="_blank" rel="noopener noreferrer nofollow">said</a> that there is a large cluster of liquidations at $57,000, very close to the 50% of the wick at $56.600.&nbsp;However, it’s possible that we could see first a run for liquidity up to $61,300, he observed.
<h2 id="bitcoin-price-outlook">Bitcoin Price Outlook</h2>
Bitcoin&nbsp;<a href="https://cryptopotato.com/this-weeks-biggest-losers-revealed-as-bitcoin-btc-price-tumbles-to-58k-weekend-watch/" target="_blank" rel="noopener noreferrer nofollow">declined</a> during the weekend, falling from around $59,000 to the support level of $57,000.&nbsp;However, the asset recovered a little to reach $57,500 during the Monday morning Asian trading session.
Bitcoin finished the month of August at a loss of 8.6%. Nevertheless, only those who bought BTC in 2024 would be at a loss, observed James Check.
https://twitter.com/_Checkmatey_/status/1830347316668387413
The post <a href="https://cryptopotato.com/bitcoins-range-bound-stalemate-signals-imminent-big-move-analysts-warn/" rel="noopener noreferrer nofollow">Bitcoin’s Range-Bound Stalemate Signals Imminent Big Move, Analysts Warn</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin’s Range-Bound Stalemate Signals Imminent Big Move, Analysts Warn

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