Bitcoin's price action at start of September not entirely surprising
has had six"negative Septembers" in a row since 2016. Within these six years, 2019 witnessed the greatest loss of 13.47%, while 2022 losses were relatively lower at 3.12%.However, historical precedent may not predict current outcomes because the crypto market never fails to surprise. Being the start of September, it may be difficult to gauge Bitcoin's price action based on a one-day performance.
Bitcoin may choose to break the bearish trend this September and close in the green for the first time in six years. Thus, traders should keep an eye out for favorable fundamental boosts to appraise Bitcoin's price movement.The U.S. Securities and Exchange Commission delayed a decision on whether to approve the first U.S. exchange-traded fund that invests directly in Bitcoin once more, upsetting supporters just days after the historic Grayscale victory.
Grayscale Investments gained a crucial victory against the SEC on Tuesday when a federal appeals court overruled the SEC's rejection of Grayscale's application to convert its Bitcoin trust into an ETF.
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