Bitcoin Starts September with Red Candlestick, Falling 4.60% in 24 Hours
The new month of September has brought a downward trend for Bitcoin, the largest cryptocurrency by market capitalization. On September 1st, BTC experienced a price drop, leading to a loss of 4.60% within the last 24 hours, with its value now standing at $25,998 at the time of writing.
It wasn’t just Bitcoin that experienced a slump on the first day of September. According to Coinglass, a significant number of cryptocurrencies also witnessed declines, with some even dropping by as much as 7%, resulting in a collective loss of $129 million in the market.
Beyond the recent price action, Bitcoin’s performance in September shouldn’t come as a surprise. Crypto analyst Will Clemente highlighted that historically, September has proven to be the least positive month for Bitcoin. In fact, out of the past six years, September has only seen two months with positive returns, making it a consistently negative month for the cryptocurrency.
Bitcoin earnings are broken down by months
September has had the fewest positive return months in just two and is on a 6 year negative return streak. pic.twitter.com/4VqZkMubm3
— Will Clemente (@WClementeIII) August 31, 2023
According to the Bitcoin monthly yield table, Bitcoin has faced six consecutive “Bloody Septembers” since 2016. The most negative year was observed in 2019, with a decline of 13.47%, while the decrease in 2022 was slightly lower at 3.12%.
However, it is important to note that past trends may not be indicative of the current outcome for Bitcoin. The cryptocurrency market is highly unpredictable, and it is too early to judge Bitcoin’s performance solely based on the first day of September.
There is a possibility that Bitcoin may reverse the bear market this month and close September with a positive trajectory, represented by a green candlestick. Traders should closely monitor fundamental factors and any influential news that could potentially trigger a correction and contribute to a rise in Bitcoin’s price.
Source: U.Today
Bitcoin, the largest crypto by market capitalization The new month of September seems to start with a red candlestick. With its price drop on September 1st, BTC has lost 4.60% in the last 24 hours to $25,998 at the time of writing.
Most cryptocurrencies also fell on the first day of trading in September, with some as much as 7%, according to Coinglass, at $129 million
Bitcoin’s price action in early September should come as no surprise. Will Clemente, a crypto analyst, pointed out that September has been the least positive month for Bitcoin, with the only two months being positive and it was negative for six years in a row in September.
Bitcoin earnings are broken down by months
September has had the fewest positive return months in just two and is on a 6 year negative return streak. pic.twitter.com/4VqZkMubm3
— Will Clemente (@WClementeIII) August 31, 2023
According to the Bitcoin monthly yield table, Bitcoin has faced six consecutive “Bloody Septembers” since 2016. Within six years, 2019 was the most negative year at 13.47%, while the decline of 2019 was 13.47% in 2022 slightly lower at 3.12 %.
However, the past red pattern may not be able to predict the current outcome of Bitcoin as the crypto market is very unpredictable as this is only the beginning of September. Assessing Bitcoin price action based on the first day of the month may be too early.
Bitcoin may reverse the bear market this month and close the month with a green candlestick for the first time in six years, so traders should keep an eye on fundamentals or news as they could influence a correction Bitcoin’s price increase is possible
Source: U.Today
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