Red September? Bitcoin Risks Sliding to $100K After 6% Monthly Drop

This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin (BTC) has breached key support levels in a sign of increasing bearish momentum that suggests a risk of a slide to $100,000. The leading cryptocurrency by market value fell 6.5% in August, ending the four-month winning streak as the U.S.-listed spot exchange-traded funds (ETFs) bled $751 million, according to data source SoSoValue. The recent price drop saw bitcoin break below several key support levels, including the Ichimoku cloud, and the 50-day and 100-day simple moving averages (SMAs). It also pierced crucial horizontal support zones formed by the May high of $111,965 and the December high of $109,364, according to the daily chart sourced from TradingView. BTC's daily chart. (TradingView/CoinDesk) [https://cdn.sanity.io/images/s3y3vcno/production/cba51801fa9543e9995009ef24fa0e9c8452f25a-2854x1402.png?auto=format] These breakdowns underscore growing market weakness, confirming a bearish shift in key momentum indicators such as the Guppy Multiple Moving Average (GMMA) and the MACD histogram. The short-term exponential moving average (EMA) band of the GMMA (green) has crossed below the longer-term band (red), signaling a clear bearish momentum shift. Meanwhile, the weekly MACD histogram…