Bitcoin Backtracks to $114K as Investors Give in to Selling Pressure
Bitcoin fell after climbing to a monthly high above $116K but could regain that lost ground quickly.
Quick overview
- Bitcoin briefly reached $116,556 but fell to $114,689 due to high selling pressure.
- Trade volume for Bitcoin increased by 42% in the last 24 hours, indicating potential for upward movement.
- Positive sentiment around Bitcoin ETFs and possible interest rate cuts from the Federal Reserve could support a bullish trend.
- Analysts speculate Bitcoin may reach new record highs by the end of September, with potential targets of $130-135K by year-end.
Bitcoin (BTC) briefly climbed to $116,556 (BTC/USD) on Monday as it looked like it was stabilizing, but then the coin fell in the early hours of trading, and it appears that selling pressure is still high.
The price of Bitcoin has been fluctuating dramatically in September, and when it looked like the coin was starting to make some upward progress, the rug has been pulled out from under it once more. Bitcoin is now down to $114,689 after climbing close to $117K.
Investors should be aware that Bitcoin’s trade volume is up 42% over the last 24 hours. That dramatic increase in activity could swing the coin’s value in the other direction, shifting back up toward $116K and creating bullish momentum. However, the coin’s selling pressure has been high for weeks, with even BTC whales selling off their assets as Bitcoin has struggled to regain its record highs from recent months.
Bitcoin Might Swing Higher
Despite the difficulty that Bitcoin has had in regaining its recent highs, the digital coin may be ready to go bullish and remain high. The biggest factor that could push Bitcoin in that direction is the recent performance of Bitcoin ETFs. Since September 8th, there have been five days in a row of net positive inflows. Investors are bullish on Bitcoin ETFs even if they are not so optimistic about Bitcoin itself.
Investors should also be aware that the Federal Reserve is likely to institute a new interest rate cut. These cuts usually help both cryptocurrency and stock markets climb, and this cut could be a sizable one since there has not been a rate cut in almost a year.
How high could Bitcoin go? We expect to see a new record high before September is over thanks to positive market sentiment, but Bitcoin could surprise analysts and remain struggling around the $112-1$116K range. Bitcoin hitting $130-135K by the end of the year is not out of the question at this point, especially as we are seeing the coin trend slightly higher over the last few days.
Bitcoin is also seeing support from China, Kazazian, and Ukraine, with these governments considering changing their laws in order to accommodate crypto currency traders. With changing global sentiment moving in Bitcoin’s direction, we could see the coin do very well as the year closes off and set incredibly high new records in 2026.
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