Bitcoin and several major altcoins are showing weakness, but there are some data points that favor bulls in the short term. Bitcoin has been trading in a range between $25,333 and $26,156 since September 1. CoinGlass data shows that Bitcoin has historically fallen in September, which could keep the bulls at bay. The U.S. Dollar Index has also risen sharply, suggesting Bitcoin could remain under pressure. However, the prospect of Bitcoin ETF approvals may limit the downside.
Key Points:
– Bitcoin and altcoins are showing weakness, but some data points favor bulls in the short term.
– Bitcoin has been trading in a range, but historical data suggests it could fall further.
– The U.S. Dollar Index has risen, indicating pressure on Bitcoin.
– The prospect of Bitcoin ETF approvals may limit the downside.
