Bitcoin Price Faces Critical Test in September, Trading at $117,559

Bitcoin has decreased by over 4% after reaching a new all-time high on August 14. The market is currently in consolidation, suggesting potential momentum for future price movements.

CRT Model Flags September As Pivotal For Bitcoin’s Bull Cycle

KillaXBT, a trading expert, highlights significant price developments for Bitcoin in September based on the candle range theory (CRT). Key points include:

Bitcoin formed a monthly low at $111,986 and reclaimed the monthly open at $115,747.
Five consecutive green monthly candles were observed, but recent price rejection indicates a parabolic curve.
September will be crucial to confirm market direction.
A sustained hold above $115,747 could lead to a rise towards $125,000–$127,000.
A new all-time high may indicate a cycle top rather than continued uptrend.
Breaking below $115,747 risks a downturn, with $111,986 as the first major support level.

Bitcoin Price Overview

Currently, Bitcoin trades at $117,559, reflecting a 0.66% decrease over the past week. On larger timeframes, it shows marginal changes of +0.78% weekly and -1.36% monthly, indicating a volatile market despite recent highs.