The Bitcoin (BTC) price failed to hold on to gains after reaching highs of $28,184 following Grayscale’s victory over the United States Securities and Exchange Commission (SEC). The joy was short-lived, as Bitcoin lost all of its gains after the SEC delayed its decision on all seven spot Bitcoin exchange-traded fund (ETF) applications.
Bitcoin subsequently fell to near-two-week lows of $25,307 on Sept. 1. However, Bitcoin has slightly recovered to $25,816 at press time. The lead crypto asset remains down about 1% daily.
Bitcoin’s price action at September’s start has evoked questions on what might be the fate of the crypto asset in September, which has been deemed historically bearish. Bitcoin has had negative returns in September for the past six years, as previously reported.
On-chain data analysis by crypto analyst Ali suggests that Bitcoin could risk a trip to near $23,340 due to a lack of strong support below the $25,400 mark. On the other hand, IntoTheBlock highlighted the next milestone for BTC as $30,000 as 6.2 million addresses acquired over 2.6 million BTC toward $30,000.
Bitcoin to $30,000 or $23,000?
On-chain analytics firm Santiment gives a key factor that might determine where Bitcoin trends next. Per Santiment, whale stablecoin supply has a strong likelihood of dictating where BTC heads, in this context at $30,000 or $23,000.
🐳 Whales are being particularly indecisive on #stablecoin accumulation. A tried and true method for predicting where #crypto heads next is analyzing big wallets to see the ratio of stablecoins they hold. A rise in their buying power would signal a bounce. https://t.co/oeRHFW9b9h pic.twitter.com/itvDgsK6a4
— Santiment (@santimentfeed) September 2, 2023
Per Santiment, whales are being particularly indecisive on stablecoin accumulation currently. Analyzing big wallets to see the ratio of stablecoins they own is a tried and tested method of predicting where crypto will go next. A rise in their buying power would signal a bounce.
This aligns with on-chain data, which suggested that Bitcoin’s last surge might have been buoyed by whales. According to IntoTheBlock data, addresses holding 0.1% of the Bitcoin supply or more have added over $1.5 billion in BTC holdings in the last two weeks.
However, as it stands, Bitcoin continues to oscillate inside the large range between $24,800 and $31,000. A sustained break below $25,400, as stated above, might lead to BTC targeting the $23,340 mark.
On the other hand, a break past the daily moving averages of 50 and 200 at $27,640 and $28,423, respectively, might reinforce a climb toward $30,000.