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Data from TradingView shows that BTC price traded near support at $19,800 in early trading before dumping in the afternoon session to hit a daily low of $18,809 before bulls managed to put a halt to the decline. Kitco readers had a fair bit of warning ahead of the price dump thanks to Senior Kitco market analyst Jim Wyckoff, who warned that “history shows the month of September can be rocky for the financial markets” in his morning Bitcoin update.
Not all were so enamored with this development; however, including crypto trader and pseudonymous Twitter user Crypto Tony, who posted the following chart warning about the potential for a downside move as BTC traded sideways. “Bitcoin isn't moving while Ethereum and Altcoins move, which makes sense while people try and make the most of the upcoming merge,” Crypto Tony said. “But these moves usually end in a dump, when this happens. So be cautious.