“Bitcoin fell by more than 2% on September 1, reaching $57,273,” according to CoinMarketCap data. The decline occurred over the weekend when market liquidity is typically lower, making it difficult for buyers to prevent further losses.

Additionally, August turned out to be a tough month for Bitcoin, as it ended down by 8.6%, which is below its average monthly gain of 1.75%, according to CoinGlass. Analysts note that September has traditionally been a “red” month for Bitcoin, with an average loss of 4.5% over recent years.

“The CoinGlass liquidation map points to bearish sentiment in the market, showing potential short liquidation levels up to $64,000,” experts comment. This suggests that traders are taking short positions in the futures market, reflecting the overall bearish sentiment. However, if prices rise, a short squeeze could occur.

“We see aggressive short selling at the day’s lows,” says trader exitpump, adding that market pressure is mounting ahead of the weekly close. “Bitcoin continues to test the bottom of an important channel on the weekly chart,” notes analyst Rekt Capital. According to him, “Bitcoin needs to close above $58,450 on the weekly chart to confirm the channel bottom as support.”

Trader CrypNuevo also shared his opinion: “I would prefer to see further decline to $56,600 to trigger liquidations and open a long position.” CrypNuevo identified $61,300 as a potential target for liquidity to the upside, suggesting that significant price fluctuations could occur in the near future. September has always been a challenge for Bitcoin, and this year it faces overcoming its historically weak performance.