After hitting a high of $28,184 after Grayscale’s victory over the US Securities and Exchange Commission (SEC), the price of Bitcoin (BTC) was unable to cling onto gains. The happiness was fleeting, however, as Bitcoin erased all of its gains when the SEC postponed making a judgement on each of the seven applications for spot Bitcoin exchange-traded funds (ETFs).
After that, on September 1, Bitcoin dropped to almost two-week lows of $25,307. But as of the time of publication, Bitcoin had marginally increased to $25,816. The top crypto asset continues to lose 1% or so every day.
The price movement of bitcoin at the beginning of September has raised concerns about the potential course of the usually negative month. According to earlier reports, Bitcoin has had six consecutive Septembers of negative returns.
Crypto expert Ali’s on-chain data analysis indicates that Bitcoin may be at risk of falling to about $23,340 since there isn’t much support below the $25,400 level. While 6.2 million addresses have accumulated over 2.6 million BTC towards $30,000, IntoTheBlock highlighted the next milestone for BTC as $30,000.
Bitcoin to $30,000 or $23,000?
Santiment, an on-chain analytics company, identifies a significant feature that may predict the future direction of Bitcoin. According to Santiment, whale stablecoin supply will likely determine whether BTC moves to $30,000 or $23,000 in the future.
According to Santiment, whales are now accumulating stablecoins with a lot of hesitation. A tried-and-true technique for guessing where cryptocurrency will go next is to examine large wallets to determine the percentage of stablecoins they possess. Their increased purchasing power would indicate a rebound.
This is consistent with on-chain statistics that revealed whales may have supported Bitcoin’s most recent upswing. Data from IntoTheBlock shows that addresses with 0.1% or more of the total supply of Bitcoin have increased their Bitcoin holdings by more than $1.5 billion over the past two weeks.
However, as of right now, Bitcoin is still fluctuating within the broad band of $24,800 and $31,000. As said previously, if $25,400 breaks consistently, BTC may go for the $23,340 level.
However, a break over the daily moving averages of 50 and 200, which are at $27,640 and $28,423, respectively, might support a rise above $30,000.
