Bitcoin and Ethereum see consistent declines ahead of Septembers historical woes
Quick Take
September has historically been a challenging month for Bitcoin (BTC) and Ethereum (ETH), according to data from Coinglass.
Since 2013, BTC has averaged a loss of over 4% during September, while ETH has fared even worse, with an average decline of 7%. This period is part of a broader trend in which August and September are notoriously difficult for the digital asset industry.
For instance, in August, BTC closed down by 9%, and ETH saw an even sharper decline, finishing the month down by 22%.
As September trading began, BTC hovered around $59,500 but quickly dropped to the low $58,000s. Data from Velo indicates that the US market opening is particularly bearish hourly.
Furthermore, according to Velo data, Tuesday has been the only day over the past year to consistently produce negative returns for BTC. This highlights the seasonal and weekly patterns that traders need to be aware of. These historical trends suggest that September might continue to be a volatile month for digital assets.
The post Bitcoin and Ethereum see consistent declines ahead of Septembers historical woes appeared first on CryptoSlate.
Text source: CryptoSlate
