Bitcoin (BTC) is currently trading at $57,889.01, and the question on everyone's mind is whether it will reach $61,000 this week. Let’s break down the factors at play.

Recent Performance and Historical Trends

Last week, Bitcoin dropped by -10.80%, a decline that followed a -8.71% drop in August. Historically, September is a challenging month for Bitcoin, with an average drawdown of -12%.

Spot On Chain analysis shows that September has seen negative returns 72.73% of the time, making it the worst-performing month for Bitcoin.

However, there's an interesting pattern: when August is negative, September isn't always bad. About 43% of the time, "a negative August has been followed by a positive September". This suggests that despite September's tough reputation, there might still be hope for a rebound.

Market Dynamics and Analyst Insights

According to Spot On Chain, three major selling forces, including the German Government, Mt. Gox creditors, and Genesis Trading, sold a significant amount of BTC in July and August. This selling pressure, amounting to $10.69 billion, has now been mostly cleared from the market. This could set the stage for a potential recovery, as there might be less downward pressure.

Moreover, long-term Bitcoin holders have increased their holdings by 262,000 BTC in August, indicating strong confidence among those who typically hold through market volatility.

Bitcoin hitting $61,000 this week would require a 5.37% increase from the current price. While this isn't impossible, it might be a bit ambitious given the current market sentiment. The chances of BTC making some gains this week are real but uncertain.

This uncertainty is why we keep our fingers crossed—who knows, we might wake up to a $70k price tomorrow morning. That’s the magic of crypto What do you think? Can Bitcoin hit $70k this week? Make your prediction https://app.nodo.xyz/poll/will-btc-hit-61k-this-week