Bitcoins anxiety stage poses a threat of further September losses yet a glimmer of hope persists

Bitcoin analysts are eying a breakout point in the coming weeks, but market sentiment and historical data threaten more potential downside in September.
Bitcoin nears breakout point: analyst
Bitcoin’s (
BTC
) price could be setting up for a rally, based on a bullish divergence forming on the daily chart, according to crypto analyst Mikybull Crypto.
The analyst
wrote
in a Sept. 13 X post:


Bitcoin/USD, 1-day chart, bullish divergence. Source: Mikybull Crypto
A bullish divergence is a technical formation used by traders to identify strengthening market momentum following lower lows. The indicator is associated with price reversals from downtrends.
Bitcoin also retested a key support level, which could result in a price breakout to above $92,000, according to popular analyst Titan of Crypto, who
wrote
in a Sept. 13 X post:


BTC.USD, 1-week chart. Source: Titan of Crypto
Related:
Arthur Hayes predicts Bitcoin rally after closing short position
“Anxiety stage” before BTC price breakout?
Bitcoin has entered the “anxiety stage,” based on the net unrealized profit-to-loss ratio, according to CryptoQuant contributing analyst Axel Adler. In other words, many short-term investors are underwater, which could mark a potential bottom, as highlighted in the chart below.
The analyst
wrote
in a Sept. 13 X post:


BTC: adjusted net unrealized profit/loss NUPL. Source: Axel Adler
Furthermore, Bitcoin’s current downside remains in line with previous historical cycles for September, according to popular analyst Rekt Capital, who
wrote
in a Sept. 12 X post:


Bitcoin average monthly returns, percentage. Source: Rekt Capital
September has historically been a month of poor performance for Bitcoin price, with average returns at -4.69%, making it the most bearish month based on average returns,
according
to CoinGlass data.
Related:
Bitcoin price eyes’ last dip’ before October breakout: Analysts
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.