September is really the "cursed month" for Bitcoin 🫠
Tonight we have the ADP employment data, and on Friday the Non-Farm Payrolls, followed by the Federal Reserve's interest rate decision at the end of the month... each of these can stir the market sentiment.
This Tuesday, Bitcoin ETF saw a net inflow of 330 million USD, while Ethereum was redeemed for over 100 million, causing the spotlight to shift back to BTC. Currently, BTC is quoted at 110,967, which is nearly a 10% drop from last month's high of 124,128.
Historical data tells us that September has never been very friendly to BTC, averaging a decline. However, market conditions can't be solely determined by the "month curse"; ultimately, it depends on the Federal Reserve's attitude.
If there is a rate cut, the bull will catch its breath; if the employment data is too strong and the expectations for a rate cut cool down, the market will tremble again.
In short, September is destined to be unstable; sometimes it is not the market that collapses first, but the mentality that breaks down first.
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September is really the "cursed month" for Bitcoin 🫠
Tonight we have the ADP employment data, and on Friday the Non-Farm Payrolls, followed by the Federal Reserve's interest rate decision at the end of the month... each of these can stir the market sentiment.
This Tuesday, Bitcoin ETF saw a net inflow of 330 million USD, while Ethereum was redeemed for over 100 million, causing the spotlight to shift back to BTC. Currently, BTC is quoted at 110,967, which is nearly a 10% drop from last month's high of 124,128.
Historical data tells us that September has never been very friendly to BTC, averaging a decline. However, market conditions can't be solely determined by the "month curse"; ultimately, it depends on the Federal Reserve's attitude.
If there is a rate cut, the bull will catch its breath; if the employment data is too strong and the expectations for a rate cut cool down, the market will tremble again.
In short, September is destined to be unstable; sometimes it is not the market that collapses first, but the mentality that breaks down first.