According to TechFlow, cryptocurrency financial services company Matrixport released a report saying that Bitcoin is about to face its most challenging month, September. It said that historically, the return rate in September is negative.
This year, with additional pressures including what to expect from the U.S. tech sector following Nvidia’s earnings forecast, the Federal Reserve’s policy decision, and the upcoming U.S. presidential election debate (with Harris facing off against Trump), September will have a significant impact on Bitcoin’s price action.
From the end of 2022 until the second quarter of 2024, Nvidia and Bitcoin showed a strong correlation. However, the recent rebound in artificial intelligence has led to a surge in Nvidia's stock, but Bitcoin has not kept up. Both asset prices are breaking new lows, indicating that the consolidation is deepening.
The market is about to respond to the US employment data released on September 6.
