Bitcoin started September on a weaker note, falling 1% to below $78,000 as the cryptocurrency entered what is commonly called “Rektember.” Since 2013, September has been Bitcoin’s worst-performing month on average, with an average decline of about 3% and only five positive monthly returns.
Recent performance offers some encouragement for Bitcoin bulls. The cryptocurrency has gained in each of the past three Septembers, while BTC surged 25% in August—its strongest monthly performance since November 2024. After that rally, the market may be due for a period of consolidation or a potential correction.
Macro headwinds weigh on Bitcoin
The broader macroeconomic environment is also creating pressure for risk assets. Fed Chair Kevin Warsh’s hawkish speech at Jackson Hole last Friday, which emphasized elevated inflation, helped trigger a global bond sell-off. Several sovereign bond yields have reached new cycle highs, while the U.S. 10-year Treasury yield climbed to 4.784%.
Markets are now pricing in a 66% probability of a 25-basis-point rate hike at the Federal Reserve’s Sept. 16 meeting, followed by the possibility of another increase before the end of the year. Such moves would bring the federal funds target range to 4.00-4.25% by the close of 2026.
Source: cryptonews.net
