Bitcoin Dips 6% in August, $100K Now in Focus for September

Bitcoin Faces $100K Risk After August’s 6% Drop

Bitcoin (BTC $108,638) is showing growing bearish momentum following a 6.5% decline in August, which ended a four-month winning streak. U.S.-listed spot ETFs recorded $751 million in outflows during the month, according to SoSoValue, signaling weakening investor appetite.

The cryptocurrency has breached multiple key support levels, including the Ichimoku cloud, 50-day and 100-day SMAs, and horizontal support around the May high of $111,965 and December high of $109,364. These technical breakdowns suggest that downside pressure may continue.

Momentum indicators reinforce the bearish outlook. The Guppy Multiple Moving Average (GMMA) shows short-term EMAs crossing below long-term EMAs, while the weekly MACD histogram has slipped below zero, confirming a shift from bullish to bearish trends.

If selling persists, Bitcoin could retest the 200-day SMA near $101,366, with the $100,000 psychological level in play.

Seasonal Trends Add to Caution

Historically, September has been weak for Bitcoin. Since 2013, BTC has averaged a -3.49% return in September, closing lower in eight of the last twelve years, according to Coinglass data.

To reverse the current bearish scenario, bulls need to reclaim the $113,510 lower high set on Aug. 28. Until then, traders should remain cautious as technical and seasonal factors point to continued pressure.