Bitcoin Faces Crucial September Test at Key Support and Resistance Levels
Bitcoin's recent surge has put it in a critical test for September. After gaining 25% in August, its strongest month since November 2024, Bitcoin is facing key support and resistance levels that will determine whether the market is recovering or just experiencing a bear-market bounce.
The Treasury's decision to at least double long-end bond buybacks helped trigger this rally, which also occurred inside the historical window where prior Bitcoin bear markets have ended. This has strengthened 21Shares' view that recent weakness may represent the late stage of the current cycle rather than a new prolonged decline.
Roughly $1.4 billion in Bitcoin shorts were liquidated in August, while U.S. spot Bitcoin ETFs attracted over $3.05 billion, their strongest month since October 2025. However, futures open interest remains below levels associated with market euphoria, and perpetual funding is near 10% annualized.
Bitcoin now faces its most important technical hurdle between $81,000 and $82,000, where the 50-week moving average and earlier rejection zone converge. A weekly close above this region would separate a broader trend recovery from a rally that ultimately fails beneath long-term resistance.