A quiet September? Here’s what’s in store for Bitcoin [BTC]

Bitcoin [BTC] is looking to increase traders’ woes in September, despite two major upgrades across the crypto industry. Furthermore, Ethereum is set to release the merger on September 15, while Cardano is set to launch Vasil a week later. These much-anticipated upgrades are expected to change traders across the industry. However, recent data shows a different story as far as Bitcoin is concerned.

CryptoQuant analyst ‘Maartunn’ recently shared his take on a highly volatile weekend. The analyst revealed that Open Interest is showing steady growth on the charts while BTC continues to trade sideways. According to the analysis, funding rates are useful in managing volatility, but they have remained neutral, making it difficult to show where Bitcoin is headed.

Source: CryptoQuant

Adding to this short-term scare, Glassnode reported on growing pains for investors right now.

According to this update, Percent Supply in Profit (7d MA) just hit a 1-month low of 52.2%. This will come as an untimely reminder of Bitcoin’s underwhelming prices. At press time, Bitcoin was trading at $19,720 after overseeing a 1.65% drop during the week.

Source: Glassnode

Another Glassnode chirping shed light on the falling volume in Bitcoins Futures. According to the tweet, Bitcoin’s Perpetual Futures Contracts Volume (24 hours) recently hit a 5-year low on the Kraken of $716,813.

Source: Glassnode

There’s more here

Popular crypto analysts have also pointed to a worrying pattern of Bitcoin’s past performance in September. For example, one analyst revealed that in nine of the last twelve Septembers, Bitcoin has ended in the red.

“If we go back and look at all the previous Septembers, just going back to 2010, you can actually see that all but three of them have been red and the only ones that were green gave about a 2.5% move to the upside, a 6 % and 15% go to the upside.”

Without much reason to be bullish, the social activity is also starting to stagnate on Bitcoin. As shown in the chart below, Social Volume has also maintained its levels as online discussions about Bitcoin do not see any particular increase.

Source: Sentiment

Conclusion

Bitcoiners don’t have much to celebrate right now as their king crypto chases down the last resistance of $20K. From going down $70K to struggling to reach $20K, this is a massive downturn in Bitcoin’s journey.

Ergo, it’s still a waiting game for now as BTC enters September on a subdued note.