Bitcoin Faces $116K Resistance: What’s Happening?
Bitcoin, the world’s leading cryptocurrency, started the week with a sharp drop, falling to $115,193, a 3% decline from its previous $118K peak. Market analyst Doctor Profit had predicted this dip, calling it a predictable market move. But what’s next for Bitcoin as it hovers near the $116K mark—a crucial resistance zone?
The battle between buyers and sellers intensifies as Bitcoin struggles to break through $116K. According to Doctor Profit, breaching this level could propel the market to higher gains, while failing to do so may lead to further price drops. He described this range as a “make-or-break” zone that will define Bitcoin’s future momentum.
Market Forecast: September Could Be a “Very Red” Month
Doctor Profit has issued a cautious outlook for September, a month he warns could bring strong corrections for cryptocurrencies. Historical data supports this: in 8 out of the last 12 Septembers, Bitcoin has ended with losses, averaging a return of -3.77%. This aligns with his prediction of a volatile month ahead for the crypto market.
His trading strategy? Short Bitcoin when it peaks within the current range and re-enter at lower levels after the anticipated correction. This approach could allow investors to accumulate more Bitcoin as prices dip, presenting a chance to maximize investment during downtrends.
External Influences on Crypto Markets
Several key U.S. events could act as significant drivers of volatility this week. The FOMC minutes, jobless claims, Jerome Powell’s speech, and geopolitical developments, such as the Trump-Zelensky meeting, may heavily impact crypto sentiment. These events could either expedite the correction or delay price movements, depending on their outcomes.
How Can Investors Prepare?
For investors looking to stay ahead during these turbulent times, timing is everything. Following expert strategies, such as those advised by Doctor Profit, and staying informed on external market drivers can be critical. Additionally, securing your assets during volatile periods is essential. Some investors turn to top-rated hardware wallets like the Ledger Nano X for enhanced digital asset security.
As Bitcoin enters this critical phase, whether it surges past the $116K resistance or succumbs to bearish pressure, the coming weeks will reveal key insights into its short-term trajectory. Stay tuned for updates and take advantage of these market trends wisely.
Conclusion
Bitcoin’s performance in September is bound to test the nerves of traders and investors alike. Historical patterns point to potential corrections, while rising resistance at $116K adds pressure. Will September usher in better opportunities for accumulation, or will it signal prolonged bearish trends? Keep an eye on the developments—and always be prepared to adapt your strategy.
