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Cryptocurrency News Articles
Bitcoin (BTC) Market Stumbles as Accumulation Trend Score (ATS) Nears Zero – BeInCrypto
Sep 07, 2024 at 10:30 pm
September has started with significant losses for the Bitcoin market after a price decline of 9.16% occurred in the last week based on data from CoinMarketCap.
Bitcoin began September with a 9.16% price decline in the last seven days, dipping below the $53,000 price level last seen in early August, according to data from CoinMarketCap.
During this period, a surprising trend emerged among investors, despite Bitcoin’s lower prices.
As noted by Ali Martinez in an X post on Friday, the Accumulation Trend Score (ATS) for Bitcoin, which measures the balance between accumulation and distribution activities in the BTC market, showed a close approach to 0.
According to Martinez, a score nearing 0 on the ATS indicates that Bitcoin investors are either distributing their holdings (selling) or actively accumulating (buying) the flagship cryptocurrency.
This trend, which signifies a decline in buying interest, is unusual in the context of Bitcoin price declines, which typically present an opportunity for token accumulation at lower prices through strategies like dollar-cost averaging (DCA).
One possible explanation for this decline in ATS, as suggested by Martinez, is that investors might be anticipating further lows in the BTC market before entering the market at more favorable prices.
In other news, Bitmex co-founder Arthur Hayes has predicted that Bitcoin could drop below $50,000 this weekend as part of its ongoing bearish trend. However, Hayes did not specify any particular support levels for the cryptocurrency.
As for what’s next for Bitcoin, the token’s bearish start to September is not entirely surprising, given its previous performances, with an average loss of 4.78% over the last 11 years.
With a nearly 10% decline in the first week, Bitcoin could be set for a total double-digit loss by the end of the month, as seen in 2014 and 2019.
However, the latest Non-Farm Payroll data showed an addition of 142,000 jobs in the United States and an unemployment rate of 4.2%. Citi analysts have predicted that the US Federal Reserve could implement a 25 to 50 basis point rate cut at its meeting on September 18, if these figures hold true.
Such a development could boost Bitcoin's price in the final weeks of September and into October, where the crypto龙头老大 is historically set for a double-digit price gain, according to historical price data.
At the time of writing, Bitcoin is trading at $53,855, with a 4.13% decrease over the last 24 hours. The asset's daily trading volume has risen by 58.82%, reaching $49.3 billion.
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