Crypto Market Still Weak, What Are the Prospects for September?

Todaysgist, News – The crypto market has been in a tight slump for the week ahead of the Fed’s US interest rate decision. According to CoinMarketCap, on Wednesday, September 4, 2024, Bitcoin prices fell by around 2 percent for the week. Bitcoin was traded at USD 57,679 per coin or equivalent to IDR 897.2 million (assuming an exchange rate of IDR 15,556 per US dollar).

Responding to this condition, Reku Crypto Analyst, Fahmi Almuttaqin said, although the correction that occurred was not as deep as what happened at the end of July to the first week of August.

According to him, this condition is interesting to observe because the correction occurred in conjunction with the release of several important US economic data, which also have the potential to have a significant impact on the dynamics of the crypto market for the rest of this year.

Following the correction, the market was seen forming a bullish trend again on Tuesday, September 3, 2024, which was also driven by the oversold situation that existed as a result of the correction.

“This situation indicates that this recovery signal seems strong enough to support a further rally for the crypto market in the medium term,” said Fahmi in an official statement, quoted Wednesday (4/9/2024).

Meanwhile, for the short term, Fahmi said the existing bullish signal is still relatively weak, although it does not rule out the possibility that the situation could change at any time due to certain developments.

Bitcoin Performance In September

The Fed officials’ meeting to determine interest rates scheduled for September 17-18 makes this September a crucial momentum for the crypto market.

After August closed with Bitcoin performing in the negative at -8.6%, or in line with historical data, market sentiment in September will be just as challenging as August began to develop.

“The reason is that in the last 11 years, since 2013, Bitcoin in September only recorded positive performance 3 times, even less than August which recorded positive performance 4 times,” explained Fahmi.