Tough Times for Bitcoin: A Shaking Autumn

The crypto market once again shows its turbulent side as "Red September" proves to be a curse for Bitcoin and others. After a temporary upswing, Bitcoin falls again, trading below the psychologically significant mark of 113,000 USD. The overall market also suffers, evident in a 3.8 percent decline to below 4 trillion USD, leaving Bitcoin just 4 percent away from ending September with another red monthly close. In a remarkable counter-movement, traditional financial markets are soaring. The S&P 500 reaches an all-time high with a half-percent increase over 6,690 points, while digital currencies come under pressure. Of the top 100 coins by market capitalization, only five manage to stay in the green. The Crypto Fear and Greed Index remains neutral, but hovers at 45 points, close to the threshold of concern—the lowest level since the beginning of the month. A temporary drop of Bitcoin to 111,986 USD caused nervousness among investors, especially as it meant breaking a long-standing support level. Currently, Bitcoin is holding around the critical mark of 112,000 USD, but sellers dominate. The technical analysis looks bleak, with an RSI of 44, indicating weak current momentum. The Average Directional Index (ADX) at 17 also suggests a lack of trend strength and potential volatile market movements. A glimmer of hope for technically interested investors remains the position of the exponential moving averages (EMAs). The 50-day EMA is above the 200-day EMA, which is typically considered a bullish sign, although the Bitcoin price is trading below the EMA50. Ethereum also had a turbulent day, suffering a 7 percent loss to 4,082.96 USD. The RSI of 40 signals a weak market position, and with an ADX also at 17, strong trends are lacking. The Squeeze Momentum indicators point to compensated volatility, suggesting larger market movements. Elsewhere, Myriad, a prediction market developed by Dastan, shows robust credibility in its forecast that Bitcoin will not fall below 105,000 USD in September, with an 85 percent probability. According to Myriad market forecasts, Ethereum is expected to be at 5,000 USD in 2025, although optimism has waned. In another dramatic price development, Dogecoin also experiences a 10 percent loss, ranking as the worst of the top 10 coins. With an RSI of 46, selling interest remains, and the ADX of 28 confirms an intact trend. In conclusion, the market outlook remains tense and volatile, while some investors look to technical indicators to foster hope.