Journalist
Posted:
- Over the past 30 days, the value of BTC has dropped by almost 10%.
- While some numbers were bullish, market indicators remained bearish for BTC.
The month of August was a bit of a bloodbath for Bitcoin [BTC] because it was full of FUD and negative sentiment. This caused the coin to lose 10% of its value in the past 30 days.
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In addition, Santiment’s latest analysis found that words like “bull trap” were repeatedly mentioned in August. The four biggest examples of these increases in keyword mentions all happened just before the markets went down.
After a lot of push & pull this week, #Bitcoin has returned to $26K right back where it started before the #Grayscale news amplified #crypto markets. Our monthly report looks at #onchain and social stats to get you ready for a wild September. https://t.co/tnf2pgmtTA pic.twitter.com/sfJVCOGlfP
— Santiment (@santimentfeed) September 1, 2023
August has been a roller coaster ride for Bitcoin
While bearish sentiment was dominant in August, Bitcoin held up well in terms of daily active addresses. Nearly 957,000 unique addresses communicated on the BTC network on a daily basis.
This high usage was a positive sign in a market that witnessed multiple price corrections.
Source: Sentiment
Whale and shark activity over the past month has also been an interesting metric to watch. As of August 17, there are Bitcoin shark and whale wallets with room for between 10 and 10,000 BTC have added 0.1% of all existing Bitcoin back to their collective wallets.
According to Santiment’s analysis, this amounts to 26,299 BTC more, worth $687 million in the past two weeks.
Source: Sentiment
Will September be different?
While whale accumulation has increased substantially over the past month, the effects have yet to show. BTC’s September start didn’t go well either, as the price chart remained red.
According to CurrencyMarketCapBTC is down more than 4% in the past 24 hours. At the time of writing, it was trading at $26,020.85 with a market cap of over $506 billion.
Anyway, some numbers were bullish.
From CryptQuantBTC’s foreign exchange reserve fell, meaning it was not under selling pressure. BTC’s aSORP showed that more investors sold at a loss, pointing to a possible market bottom.
Moreover, BTC‘s binary CDD was green. This indicated that long-term bond movements have been lower than average over the past seven days.
Source: CryptoQuant
Read Bitcoins [BTC] Price Prediction 2023-24
Anyway, have a look BTC‘s daily chart gave cause for concern. For example, Bitcoin’s Relative Strength Index (RSI) moved sideways below the neutral boundary, suggesting that the current price trend could continue.
The MACD showed the possibility of a bearish crossover, while On Balance Volume (OBV) remained low, both of which favored the sellers.
Source: TradingView
