💹 Bitcoin $BTC – Approaching September, the month of major corrections for the markets
Bitcoin is currently trading above resistance at $120k, nearing a pivotal resistance zone between $127,000 – $130,000, which are historical levels that may define the characteristics of the upcoming movement. If these levels are breached with strong momentum and increased trading volumes, we may witness a violent bullish candle pushing the price to achieve its target quickly before the market enters an expected correction wave.
Historically, the month of September is characterized by increased volatility and corrections ranging between 18% and 20% even in bullish markets. Therefore, it is important to monitor strong support levels, with the level of $118,000 forming the first defensive barrier, followed by $113,500 as a potential bounce area if selling intensifies.
Technical indicators such as RSI and MACD show continued positive momentum, but there are also signs of an approaching overbought condition, which may lead traders to take profits. A decline in Bitcoin dominance below 53% may open the door for some altcoins to rise in parallel, while continued dominance increase will make Bitcoin the biggest beneficiary of liquidity inflows.
