After a successful week of gains, BTC has dropped again, raising concerns among holders. The number one cryptocurrency, Bitcoin, is facing a challenging market, as the price is struggling around $60K, despite its early push to $73,750.07. However, the consecutive September loss per historical record may turn the situation scarier.
Bitcoin Historical Data Reveals Constant September Loss
Just recently, an unexpected Bitcoin and market crash hit the industry, dropping the BTC price from $64.4K to 58K earlier. This came after the $320 million in crypto was liquidated, along with changing sentiments among holders.
The major reason behind this was the NVIDIA earning report coming 112% higher, followed by the fear of the upcoming US PCE Inflation Data. Moreover, there were many other minor reasons, like Telegram CEO Pavel Durov getting arrested, Binance entering a controversy, Banks failing in the US, and much more, which left a temporary impact on the market.
However, this temporary trend reversal has indicated a core issue, which is the historical monthly returns dropping in Bitcoin almost every September since 2013.
As per the historical graphs on Coinglass, except for 2023, the last six years faced a consecutive drop in monthly returns without any exceptions. The same has happened before, leaving only three months of positive returns in the last eleven years. As per the data, returns had a minimum 1.7% drop to a 19% drop in September alone.
Many crypto investors, including Moon Carl, have shown concern over this subject, calling September the worst-performing month of the year.
September is usually the worst-performing month for #Bitcoin. Is this time going to be any different? pic.twitter.com/fPchuZe3cl
— The Moon (@TheMoonCarl) August 28, 2024
What Will September Look For BTC This Year?
BTC user sentiments have moved to fear in the last week despite earlier greed among holders. However, this is not the condition of this crypto alone, as the entire market’s sentiments are moving towards the same.
Nevertheless, a lot is happening in September, including the Interest rate cuts, which might boost the BTC price, which is currently at $60.5k. Moreover, the charts have indicated a constant drop in September, but last year was an exception with +3.91% monthly returns, despite the 11.29% drop in the previous month. Moreover, the anticipation is real for the same to happen in the next month. However, the charts can move in any direction depending on upcoming trends.
The same is true with the technical indicators, as the 24-hour and weekly charts show its shares of bulls and bears in the market. As a result, a price consolidation is happening with the charts. However, many analysts have spoken of seeing uptrends if it broke the resistance at 62,727.
Final Thoughts
The historical reports reveal a constant drop in Bitcoin’s monthly returns in September. Moreover, with the sentiments turning to fear, it is more concerning, especially because of the recent BTC price drop. However, despite the odds, there is also the possibility of seeing an uptrend with the Fed interest rate cuts. As a result, many investors are adapting to the ongoing liquidation, making an opportunity to buy at a low before the bull run hits the market.
The post Is Bitcoin Poised For Another September Loss Based on History? appeared first on CoinGape.