Bitcoin Trades Near $107,000 as September Begins with Historical Weakness
Bitcoin (BTC) trading in September starts near $107,000. Historical data shows September has been BTC's weakest month, with a median decline of 5% and an average loss of 6% over the past 12 years.
- MicroStrategy's Bitcoin premium is declining amid these seasonal weaknesses.
- Nick Ruck from LVRG Research indicates concerns about corporate treasury strategies focused solely on crypto.
- A dovish Federal Reserve could mitigate seasonal impacts, while ETF outflows or equity sell-offs may reinforce historical trends, potentially pushing BTC to $100,000 support.
- Ether (ETH) fell 1.7% to $4,390; Solana (SOL) dropped 3.4% to $197.6; XRP slid 4.3% to $2.72; Dogecoin (DOGE) retreated 4.2% to 21 cents.
- Historically, BTC closed down in September eight out of twelve times since 2013, with significant drops recorded in 2014 and 2019.
- September is viewed as a seasonality trade due to predictable fluctuations influenced by factors like profit-taking and year-end rallies.