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- The bitcoin price is experiencing renewed volatility, as in the past: September remains the worst-performing month, with returns dropping as low as 19%.
- Factors such as interest rate cuts and the breaking of key resistance levels could change the trajectory, offering hope despite market uncertainties.
As predicted in the recent CNF update, the price of bitcoin is likely to reach $50,000 or $70,000. According to recent market reports, bitcoin is experiencing renewed volatility, with the price hovering around $59,144 after a brief rally to $73,750.07. The price has fallen by 0.08% over the past day and 2.65% over the past week. See the BTC price chart below.
No coins selectedFurthermore, according to Coinglass data, September saw returns fall by 19%, making it the worst-performing month for bitcoin, as tweeted by The Moon X account.
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
Will this year be any different?
Several factors contributed to the market’s latest downturn, including a general slump in the crypto-currency market following NVIDIA’s unexpected results, fears over upcoming US inflation data and other market disruptions such as the arrest of Telegram CEO Pavel Durov and ongoing Binance controversies.
These events triggered a major sell-off, wiping out $320 million in crypto assets and shifting market sentiment from greed to fear. Therefore, if similar factors occur, it could improve BTC’s price performance on the market this year.
Despite the historical trend of losses, some optimism remains, driven by potential interest rate cuts that could support the price. Technical indicators also suggest that a break of the $62,727 resistance level could lead to an uptrend. However, the market remains tense, as traders prepare for a potentially volatile month.
