September is traditionally viewed as a challenging month for cryptocurrencies. Historical data shows that Bitcoin averages a 3.77% decline each September.
Market Sentiment
Sentiment indicators reflect caution in the market. According to the Fear and Greed Index, sentiment stands at 49, considered neutral. This is slightly higher than yesterday's 46 but far from the 75 level reached in mid-August. This change suggests a cooling environment as traders enter a month often associated with weaker performance.
Bitcoin Dynamics
Bitcoin has risen over 2% in the past 24 hours, now trading around $110,000, though technical indicators suggest muted momentum. The Relative Strength Index stands at 43, with the moving average at 42. Values below 50 indicate weakening momentum, leaning towards a bearish outlook. Myriad participants expect Bitcoin to retreat to $105,000 with a 75% probability.
State of Ethereum and XRP
Ethereum has slipped 0.5% over the last 24 hours. Its RSI is recorded at 52.50, placing it in a neutral zone. Whale activity remains significant as large investors accumulated about 260,000 ETH in the past 24 hours. Meanwhile, XRP remains under pressure, recently closing at $2.75 before rising to $2.81. The RSI for XRP stands at 42.93, reflecting bearish momentum but fading intensity.
Overall, September begins cautiously for cryptocurrencies. Sentiment cools, history warns of weakness, and the Fed's upcoming decision adds uncertainty.
