Bitcoin price has seen a close to stagnant action in the past few days. The price of the benchmark crypto has hovered around the $26,000 mark.
As September comes to an end Bitcoin will end the quarter in red, making it the first quarter this year where the pioneer cryptocurrency lost momentum.
Bitcoin ends September on bad note
Bitcoin price has seen a close to stagnant action in the past few days. The price of the benchmark crypto has hovered around the $26,000 mark.
The price of the coin is currently down 12% since June. In the first six months of this year, Bitcoin rebounded from a 64% plunge that was seen in the 2022 crypto winter.
At press time, the price exchanges hands at $26,908, having lost 0.4% over the last 24 hours.
Since the Federal Reserve decided to leave interest rates unchanged last week, the allure of riskier assets have slowly waned.
Read more: Bitcoin mining firms may be more profitable than Bitcoin itself in 2024: Matrixport
Investors withdrew about $500M from cryptocurrency products during the nine weeks that ended in mid-September, according to a CoinShares analysis. Bitcoin accounted for $450M, or 85%, of outflows.
“The bulls are now working on a fledgling price uptrend on the daily chart and have some momentum on their side,” crypto analyst Jim Wyckoff said. “More price gains in the near term would give the bulls better technical strength to better suggest a near-term price bottom is in place.”
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