Bitcoin Witnesses Its Best September Since 2013

CoinDesk 20 Index: 2,051.40 -1.96%Bitcoin (BTC): $63,664.19 -3.04%Ether (ETH): $2,612.27 -1.46%S&P 500: 5,738.17 -0.13%Gold: $2,638.39 -0.96%Nikkei 225: 37,919.55 -4.8%

Bitcoin fell below $64,000 in European morning hours and is down 3% in the last 24 hours.

According to 10x Research, the decline appears to be a typical bull market pullback following overbought conditions. Markus Thielen, founder of 10x Research, said: “BTC is overbought in the short term, as reflected by the rising levels of the Greed and Fear index.

“This suggests that a pullback is likely in the next few days,” he said. According to the CoinDesk 20 Index, the digital asset market is trading 1.8% lower.

Although September is known to be the worst month for bitcoin price considering history, the cryptocurrency is showing its best performance ever.

BTC, which closed September negatively in 8 of the last 11 years, seems to close the month with an increase of at least 7% despite today’s decline, and the recorded rise puts bitcoin on a strong foundation before October. September, which witnessed an average loss of 3.6% since 2023, recorded an average gain of 23% this time.

Some investors predict that the leading cryptocurrency could rise as high as $70,000 in the coming weeks.

Digital asset funds saw inflows of $1.2 billion last week, the largest total since the week ending July 19, according to crypto asset manager CoinShares.

In its weekly report published today, CoinShares wrote that inflows have continued for three consecutive weeks and that this is related to expectations that interest rate cuts will continue. US-based funds accounted for $1.17 billion of the $1.2 billion inflow.

The US bitcoin exchange-traded fund (ETF) sector received a significant boost when the Securities and Exchange Commission (SEC) approved physically settled options tied to BlackRock’s ETF (IBIT), the largest of the spot BTC funds in the US.

SUI, the native token of the Sui blockchain, has more than doubled this month to $1.73, climbing to the highest level since April. Additionally, the token outperformed the top 100 cryptocurrencies by market cap. According to TokenUnlocks, approximately 64.19 million SUIs worth over $100 million are scheduled to be unlocked later in the day. Thus, 2.4% of the circulating supply of the cryptocurrency will be released. Source: TradingView