Since 2017, the world's biggest cryptocurrency has ended every September in negative territory, data from Coinglass shows.
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Bitcoin is struggling to stay above $20,000 — and if history is a guide, September's shaping up to be a challenging month.
Since 2017, the world's biggest cryptocurrency has ended every September in negative territory, data from Coinglass shows.
It fell by 7% in September 2021, 7.5% in September 2020, 13.4% in September 2019, 5.6% in September 2018, and 7.4% in September 2017.
You might be starting to spot a pattern here.
To make matters worse, Bitcoin has fallen under $20,000 for seven days in a row — a trend that hasn't been seen since July.
All of this indicates that bulls are struggling to stay above this psychologically significant price point.
Some analysts are especially worried about what will happen if BTC dips below the 52-week low of $17,708.62 — and predict a new crypto contagion could sweep the market, tipping even more companies into bankruptcy.
Bitcoin's value plunged by 13.8% last month, in what was the worst August performance since 2015.
Market jitters have been exacerbated by ongoing uncertainty about how sharply the Federal Reserve plans to increase interest rates as red-hot inflation continues.
