As of September 2024, Bitcoin is experiencing a positive trend, with its price currently around $63,192. This marks a 7.2% increase for the month, reflecting a generally optimistic outlook in the market. Contributing factors include the approval of Bitcoin ETFs, which has increased institutional demand for the cryptocurrency. Additionally, the overall supply of Bitcoin on exchanges has dropped to its lowest level since 2018, which can signal further potential gains due to reduced selling pressure.

However, September has historically been a challenging month for Bitcoin, with negative returns often observed. Despite this, the current conditions, especially the rise in institutional interest and reduced whale transactions, suggest the potential for sustained growth throughout the year.