Today, Bitcoin's position does not show significant improvement and is actually under pressure. Several factors played a role in the decline in Bitcoin's price in early September 2024. First, historically, September has often been a less profitable month for Bitcoin, with an average negative return over the past decade. Second, the decline in the price of technology stocks such as NVIDIA, which has a strong correlation with Bitcoin, also affected the price of Bitcoin. In addition, the uncertainty of economic policy in the United States, including the possibility of interest rate changes by the Federal Reserve, added pressure to the crypto market.
Overall, although there have been some positive inflows from Bitcoin ETF products in the US, current macroeconomic factors and market sentiment tend to weigh on Bitcoin's price, making it difficult to lift its position.
