Bitcoin BTC starts a new week still struggling with $26,000 as August becomes its worst month of 2023. Despite holding $26,000 into the close, BTC/USD immediately went downhill thereafter, wicking to $25,880 before consolidating slightly higher. The outlook looks similarly uncertain — September is traditionally a poorly-performing month for Bitcoin, and with the August monthly close just days away, could another downside surprise lie in store?Macro triggers are once again taking a back seat this week, with Personal Consumption Expenditures (PCE) Index data the highlight in what is otherwise a cool week for crypto contagion. That said, traders and analysts are on their toes — with no hint of a rebound in sight, many are still braced for worse to come.August 2023 is already vying with last year to become Bitcoin’s worst August since 2015. BTC price shed 13.9% in August 2022, a move which marked just the beginning of half a year of pain. Looking ahead, however, some believe that September could easily end up almost as bad based on historical precedent.The Bitcoin hash rate just hit 400 th/s for the first time ever, and is an estimation of the processing power dedicated to mining. Last week, Bitcoin also saw one of its largest upward difficulty adjustments of 2023, taking the on-chain fundamental yardstick to all-time highs of its own. This is the miner bull run leading up to the halving next year, similar to the explosive hash rate growth that led up to the 2020 halving.

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Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	7
People	Rekt Capital, Keith Alan, Skew, Crypto Tony
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Currencies	ethereum, bitcoin
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