The crypto market experienced a weakening today, Monday (2/9/2024). This is not too surprising considering the historical data for September which tends to close in the red.
On Monday (2/9/2024) at 06:26 WIB, the crypto market moved lower. Bitcoin fell 2.75% to US$57,340.92 and was in the red zone 11.34% weekly.
Ethereum depreciated 3.73% in the last 24 hours and in a week it plunged 12.63%
Likewise, Dogecoin has fallen 5.78% in the last 24 hours and has fallen 13.85% in the last seven days.
CoinDesk Market Index (CMI), an index to measure the market capitalization-weighted performance of the digital asset market, fell 3.15% to 2,118.36. Open interest appreciated 2.96% to US$51.67 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows a figure of 46, indicating that the market is in a neutral phase with the current economic and crypto industry conditions.
Bitcoin finished August down 8.6%, below the average gain of 1.75% according to data from monitoring resource CoinGlass. The data also revealed that September is historically a bad month for BTC/USD, with an average loss of 4.5%.
"Local levels have been dropping drastically, I wouldn't be surprised if it eventually collapses," wrote popular trader Crypto Chase in part of his X post about short-term market activity.
Popular trader CrypNuevo's commentary suggests that a search for liquidity on both the upside and downside may be in the cards this week.
"From a trading perspective, I prefer to be long, so I would prefer to see a move down first to achieve liquidation and fill the wick at $56.6k where I can go long," he wrote in part of his X thread.
Although historically Bitcoin has often been in the red zone in September, considering the potential for interest rate cuts by the United States central bank (The Fed), in the medium to long term, Bitcoin is likely to appreciate.
