Cryptocurrency financial services company Matrixport has released a report saying that Bitcoin is headed for its most challenging month, September. It said that returns have historically been negative in September. Additional pressures have been added this year, including the outlook for the US tech sector following the release of Nvidia's earnings forecast, policy decisions by the Federal Reserve, and the upcoming US Presidential Election debate (featuring Harris versus Trump). This September will have a significant impact on Bitcoin's price movement.
From 2022 until the second quarter of 2024, there is a strong correlation between Nvidia and Bitcoin. However, the recent rebound in artificial intelligence and the surge in Nvidia stock have not been followed by Bitcoin. Both asset prices are falling below new lows, indicating a deeper consolidation. The market is about to respond to the US employment data released on September 6.
Matrixport: Historically negative September returns, the market is about to respond to the U.S. jobs data released on September 6
2024-08-30 08:24:02
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