As of August 30, 2023, Bitcoin (BTC) is trading at $59,218, having experienced a 7.75% loss in market value during the last week of August and a 10.64% decline over the month.
Crypto analyst Ali Martinez warns investors to prepare for a challenging September, historically a negative month for Bitcoin, with average losses of 4.78% and median losses of 5.58% over the past 11 years. Predictions suggest Bitcoin could drop to a trading range of $55,618 to $56,105.
Despite the potential downturn, historical data indicates that Q4 often brings recovery, with average gains of 46.81% in November since 2013. November has recorded significant gains of 42.95% in 2020 and 53.48% in 2017.
Currently, Bitcoin faces resistance around the $65,400 mark, with a critical support level at $56,138. A failure to maintain this support could lead to further declines.
Daily trading volume is at $33.38 billion, reflecting a 3.05% increase, while Bitcoin's Realized Cap stands at an all-time high of $619 billion, suggesting potential for future growth despite current market fragility.