CoinGlass data on August 26 showed that September has historically been one of the worst performing months for Bitcoin and Ethereum. Looking at the historical performance from 2017 to 2024:
Bitcoin (BTC) recorded a decline in September in most years, with only increases in 2023 (+3.91%) and 2024 (+7.29%).
Ethereum (ETH) experienced a more significant decline in September, for example, in 2017 (–21.65%), 2020 (–17.08%), and 2022 (–14.49%), all significantly underperforming BTC.
ETH outperformed BTC only in 2019 (ETH +5.72% vs BTC –13.38%), 2023, and 2024.
This pattern has been reflected in all previous bull market cycles. In 2013, 2017, and 2021, Bitcoin experienced a significant pullback in September after rebounding in the summer.
On the market, Bitcoin tested the key support level of $109,000, its six-month moving average, in the early morning hours of August 26th, but did not experience a significant rebound. A clear "Three Yin Soldiers" bearish pattern has formed on the daily chart, indicating a weak short-term trend. Further downward testing of the $107,000–$108,000 range is expected. Without a significant rebound or a "Golden Needle Bottom" pattern, short-term long conditions remain weak, and caution is advised against short-term risks.
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