September's Chill on Bitcoin May Be Broken
The cryptocurrency market is bracing for the potential impact of September on Bitcoin's price. Historically, the month has been tough for BTC, with six consecutive negative returns from 2017 to 2022. However, recent data suggests that this trend may be weakening.
According to CryptoQuant, the pattern of weakness in September is not as strong as it once was. Positive September closes have occurred in 2023, 2024, and 2025, indicating a possible shift in the market's behavior. Additionally, Bitcoin's spot and ETF demand remain strong, which could further support a positive outcome.
The Coinbase Premium Index has also shown signs of improvement, recovering to 0.00 after being negative for 14 consecutive days. However, it's essential to note that this is not necessarily a sign of bullish demand, but rather a neutral point in the market.
BTC's SOPR (Spent Output Profit Ratio) has also shown a notable improvement, breaking above 1 and reaching 1.01 near the end of August. This indicates that holders are becoming more willing to sell while still making gains.