BiyaPay Analyst: BTC has only seen two uptrends in September amidst multiple downtrends over the years, making it one of the worst-performing months for BTC.
BlockBeats News, on August 26, CoinGlass data shows that September has historically been one of the worst-performing months for Bitcoin and Ethereum, based on historical performance from 2017 to 2024:
· Bitcoin (BTC) has seen a decline in most years in September, with only 2023 (+3.91%) and 2024 (+7.29%) showing gains.
· Ethereum (ETH) has experienced even more significant drops in September, for example, in 2017 (–21.65%), 2020 (–17.08%), and 2022 (–14.49%), all significantly underperforming compared to BTC.
· Only in 2019 (ETH +5.72% vs BTC –13.38%), 2023, and 2024 has ETH outperformed BTC.
This pattern has been reflected in all previous bull market cycles. In 2013, 2017, and 2021, after a summer rebound, Bitcoin has experienced a significant pullback in September.
From a technical analysis perspective, on August 26, Bitcoin tested the key support of the 6-month MA line at $109,000 in the early morning, but did not see a significant rebound. A clear "Three Black Crows" bearish pattern has formed on the daily chart, indicating a continued short-term weakness, with a potential further dip to the $107,000–$108,000 range. If the market does not see a strong rebound or a "hammer bottom" pattern, the conditions for a short-term long position are still not sufficient, and the bearish risk should be noted.
Against this backdrop, as market volatility intensifies, investors need to focus on risk management. The BiyaPay multi-asset trading wallet will continue to provide you with one-stop services such as global remittance, cryptocurrency trading, and US / Hong Kong stock investment, helping you flexibly allocate funds in volatile markets and seize investment opportunities.
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