The S&P 500 Index is currently endeavoring a resurgence, whereas Bitcoin and chosen alternative cryptocurrencies are encountering difficulties in surmounting their respective thresholds of resistance. Bitcoin has experienced an approximate 11% descent throughout August, narrowly trailing behind the 13.88% decline observed during the analogous month in 2022, as per CoinGlass data. The forthcoming outlook for September is equally dim.

Historical patterns indicate that since 2017, Bitcoin has consistently undergone a decline during this particular month.

The bulls and the bears are not taking large bets as Bitcoin continues to trade inside the range between $24,800 and $26,833. The down sloping moving averages and the RSI in the oversold zone indicate that bears are in command.

However, sellers may find it difficult to resume the downward move because the bulls are likely to defend the $24,800. If the price rebounds off the support, it will suggest that the BTC/USDT pair may continue its consolidation for some more time. On the upside, a rally above $26,833 will be the first sign of strength. That could push the price to the 50-day SMA ($28,806) and later to $30,000.

Contrarily, a break and close below the $24,800 support could start the next leg of the downtrend to $20,000.

Lastly please check out the advancement’s happening in the cryptocurrency world.

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