Bitcoin Drops 3%, Still on Track for Best September Since 2013

The latest price moves in crypto markets in context for Sept. 30, 2024.

Bitcoin price dropped below $64,000 during Friday morning in Europe, decreasing by 3% over the past 24 hours. According to 10x Research, the decline appears to be the typical bull-market pullback that follows overbought conditions. "We noted that BTC appears to be overbought in the short term, as reflected by the heightened levels of the Greed & Fear index. Current short-term reversal signals have turned bearish, indicating that a pullback is likely over the next few days," said Markus Thielen, founder of 10x Research, in an email to CoinDesk. The broader digital asset market is trading at 1.8% lower, the CoinDesk 20 Index shows.

September is typically the worst month for the bitcoin price, but this month it might close its best yet. In eight of the past 11 years, BTC ended September in the red. This year, it is set to close the month up by at least 7%, even with today's downturn.

The bullish month puts bitcoin in a strong position heading into October, which is typically one of its strongest. While September has seen an average loss of 3.6% since 2013, October has seen average gains of 23%. Some traders are targeting a run to as high as $70,000 in the coming weeks. A green September has always resulted in bitcoin closing higher in October, November and December.

Digital asset funds saw inflows of $1.2 billion last week, the largest total since the week ended July 19, crypto asset manager CoinShares reported on Friday.

The additions marked the third consecutive week of inflows and were attributed to expectations of further interest-rate cuts by the Fed. U.S.-based funds accounted for $1.17 billion of the overall $1.2 billion in inflows. The U.S. bitcoin ETF sector received a boost recently with SEC approval of physically settled options tied to BlackRock's IBIT, the largest of the spot BTC funds in the U.S.

Bitcoin funds saw over $1 billion of inflows. Ether products added $87 million to break a five-week losing streak and net "the first measurable inflows since early-August," the report showed.