Bitcoin has faced a significant downturn, losing value following a disappointing monthly close that has left bulls disheartened. The price has dropped, marking a notable decline for August. Historically, September has not been kind to Bitcoin, often resulting in losses during this month.
Despite recent ETF successes that previously buoyed Bitcoin prices, the current sentiment is muted, as many investors are experiencing disillusionment amid declining demand and engagement in the crypto market. Analysts suggest that for Bitcoin to regain momentum, an increase in ETF purchases is crucial, especially as the Federal Reserve signals potential rate cuts that could enhance interest in riskier assets.
