Bitcoin Market Close to Another Red September: Analysis

As Bitcoin and the wider crypto market face a challenging Red September, the outlook appears grim once again.

Bitcoin has dipped below $113,000, dragging the overall crypto market down by 3.8% to under $4 trillion. This puts BTC just 4% away from marking another red monthly candle during its historically weakest month of the year.

In contrast, traditional financial markets are faring better, with the S&P 500 hovering near all-time highs above 6,690 points. Digital assets are taking a beating though, with only five coins in the top 100 managing to stay in positive territory.

The Crypto Fear and Greed index remains neutral but sits at 45 points—its lowest level since early September.

So what do the charts reveal about what lies ahead?

Bitcoin (BTC) price: Support levels tested

Bitcoin started at $115,275 today before dropping by 2.19% to close at $112,769. It briefly touched an intraday low of $111,986 that had traders on edge as it threatened to breach its multi-month support level.

Currently holding near the critical psychological level of $112K, Bitcoin is facing continued selling pressure.

Bitcoin price data. Image: Tradingview

The technical outlook for Bitcoin is increasingly bearish. The Relative Strength Index (RSI) for Bitcoin stands at 44—a sign of weakening momentum. With RSI below 50 indicating seller control and potential further downside before hitting oversold levels below 30—traders may anticipate more bearish moves ahead.

The Average Directional Index (ADX) reading for Bitcoin at just17 suggests fading upward momentum on daily charts after reaching new highs recently. Traders might brace for volatile swings in either direction as a result.

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Dogecoin (DOGE) price: Meme coin struggles

And what of Elon Musk’s favorite meme coin? Dogecoin is plummeting today by a staggering -10%, earning itself title worst-performing coin among top-10 market cap.

Trading slightly above &dollar;0<.23<, Dogecoin's RSI hovers around &dollar;46<, seemingly neutral post sharp decline. 

 This indicates sellers not yet exhausted post drastic drop, .

A typical -10% daily plunge would usually see RSI dipping into oversold territory below &dollar;30, .

However, a reading of &dollar;46 suggests more pain expected before bargain hunters emerge. .

Dogecoin’s ADX sitting at &dollar;.28 signals actual trend in play unlike sub-20 readings seen with&nbsp .