{"id":60312,"date":"2023-09-13T05:00:55","date_gmt":"2023-09-13T09:00:55","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-price-rebounds-from-june-lows-it-may-be-no-match-for-momentum\/"},"modified":"2023-09-13T05:00:58","modified_gmt":"2023-09-13T09:00:58","slug":"bitcoin-price-rebounds-from-june-lows-it-may-be-no-match-for-momentum","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60312","title":{"rendered":"Bitcoin Price Rebounds From June Lows. It May Be No Match for Momentum."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies rebounded Tuesday from a selloff to multi-month lows, but the downside momentum may be too much to match for cryptos as the seasonal September worries take hold.<\/p>\n

The price of Bitcoin has traded essentially flat over the past 24 hours near $25,800, but has rebounded from a meaningful selloff that briefly sent it below $25,000 on Monday\u2014the lowest levels since mid-June\u2014that came amid an absence of any major catalysts. Bitcoin remains vulnerable near key technical levels and below the $26,000 mark that has provided support to the largest digital assets for much of the past month.<\/p>\n

\n

\u201cThe declines in cryptocurrencies came as negative sentiment continued to flow into the markets,\u201d said Samer Hasn, an analyst at broker XS.com, noting a spooked attitude among traders amid significant volumes of digital assets moving from wallets to exchanges. \u201cHuge transfers to cryptocurrency exchanges are usually translated as a negative sign, since these transfers are due to the intention to sell or swap cryptocurrencies,\u201d Hasn added.<\/p>\n

It looks like the only reprieve from Bitcoin\u2019s historic trading lull\u2014with the crypto seeing its lowest volatility ever this summer and notching the lowest trading volumes in August since 2019\u2014may be the September scaries. Like the
\n Dow Jones Industrial Average
\n and
\n S&P 500,<\/span>
\n September tends to be the worst month of the year for Bitcoin, which has fallen for six consecutive Septembers.<\/p>\n

The price action Monday may be just the first of the fierce moves traders have been bracing for this week with macroeconomic catalysts looming. Bitcoin remains vulnerable to the $25,200 technical price level, noted Katie Stockton, managing partner at technical research firm Fairlead Strategies, with downside risks as far as $23,200 if a more decisive breakdown occurs.<\/p>\n

\u201cShort-term oversold conditions are in place but may be no match for downside momentum,\u201d said Stockton. \u201cWe would defer to weakened intermediate-term momentum which could make it difficult for Bitcoin to see a durable rebound.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was down less than 1% at $1,580. Smaller tokens, or altcoins, were mixed, with
\n Cardano
\n up less than 1% and
\n Polygon
\n slipping 2%.
\n Dogecoin
\n and
\n Shiba Inu
\n advanced less than 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies rebounded Tuesday from a selloff to multi-month lows, but the downside momentum may be too much to match for cryptos as the seasonal September worries take hold. The price of Bitcoin has traded essentially flat over the past 24 hours near $25,800, but has rebounded from a meaningful selloff that briefly […]<\/p>\n","protected":false},"author":1,"featured_media":54784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-60312","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Price Rebounds From June Lows. 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