Main navigation

Bitcoin (BTC) Exits Its Most Bearish Month Yet with an Upsurge Unseen Since April

Opinions
Fri, 10/01/2021 - 15:27
article image
Vladislav Sopov
Yes, Bitcoin (BTC) really hates September, but orange coin bulls are ready to show their power
Bitcoin (BTC) Exits Its Most Bearish Month Yet with an Upsurge Unseen Since April
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Bitcoin, the flagship cryptocurrency, closed September with 7.03% price losses. Is that a lot?

Fifth in a row

According to data by on-chain dashboard Bybt, for the fifth time in a row, Bitcoin (BTC) bulls fail to close September in the green zone. However, September 2021, brought less pain than in 2019-2020.

Bitcoin lost 7% in September
Image by Bybt

The Bitcoin (BTC) price dropped by 7.03%. In the last two years, the first month of autumn ended with 13.38% and 7.53% losses. It also should be noted that Bitcoin (BTC) registered its most painful day ever this September: on Sept. 7, it lost more than $10,000 in one day.

At the same time, in terms of quarterly performance, Bitcoin (BTC) broke the trend in 2021. While Q1 and Q3 are historically bearish for Bitcoin (BTC), in 2021, it managed to close them with 103% and 25% gains, respectively.

Now, Bitcoin (BTC) is entering its most profitable quarter for bulls: in the last eight years, it closed at least two of three months in the green five times.

September ended, Bitcoin wakes up

Shortly after exiting September, Bitcoin (BTC) started rallying like it was on steroids. Today, Oct. 1, 2021, it added $3,500 in about three hours.

A similar upsurge has not been registered by Bitcoin (BTC) since April 2021, the most bullish month ever.

On futures markets, the bears were slaughtered today: out of $400 million liquidations registered in the past 12 hours, more than 66% were shorts. On BitMEX, bears were responsible for 99% of liquidations.

Strong hands continue accumulating BTC aggressively

Such a spike cannot happen overnight. According to on-chain data by leading analytics vendor Glassnode, large-scale Bitcoin (BTC) holders continue accumulating.

Related
Mike Novogratz Expects Next Bitcoin Rally to Happen in Late 2021

In late September, 2021, the number of Bitcoins (BTC) accumulated by long-term holders touched a historical high at 80.5% of the circulating BTC supply.

Glassnode co-founder and CTO Rafael Schultze-Kraft noticed that accumulation processes were registered in all categories of Bitcoin (BTC) owners:

Yes, increased accumulation across cohorts. Very bullish if we see this trend continue.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)