Bitcoin Holds Ground at $77,000 Amid September Seasonality Concerns

Bitcoin has been holding its ground at around $77,000 despite concerns about September being one of the weakest months for its returns. According to data from CoinGecko, the cryptocurrency was trading at $77,784 as of 4 p.m. on the 3rd.

This is roughly in line with the $77,573 recorded at the same time the previous day, and it's largely retained its August gains.

Bitfinex notes that Bitcoin rebounded when its price dipped toward $76,350, which represents the average purchase price of network participants. This level has provided support thanks to defensive buying rather than stop-loss selling.

The exchange also acknowledges that September seasonality may lead to further corrections in the coming weeks, but believes this could be a consolidation phase before the longer-term uptrend resumes.