Bitcoin Risks September Trap as Bullish Bets Rise Amid Weak Sentiment

Bitcoin's strong rally in August has left many investors wondering if it's due for a correction. The cryptocurrency rose nearly 25% last month, but market sentiment remains weak and cautious.

Despite this, traders are increasingly long on Bitcoin, expecting a breakout above $80k. However, technical signals and on-chain data suggest downside risks that could lead to a 'September trap', a correction after a bullish August.

Ethereum is gaining strength against Bitcoin, which could further pressure the dominance of the latter. The combination of weak sentiment, rising bullish bets, and Ethereum's gain against Bitcoin creates a volatile environment for investors.