TechFlow news, cryptocurrency financial services firm Matrixport released a report stating that Bitcoin is about to face its most challenging month—September. Historically, September has shown negative returns.
This year adds further pressure, including outlooks for the U.S. tech sector following NVIDIA's earnings forecast, the Federal Reserve's policy decisions, and the upcoming U.S. presidential debate between Harris and Trump. This September will significantly impact Bitcoin's price trajectory.
From 2022 through Q2 2024, there was a strong correlation between NVIDIA and Bitcoin. However, recently, while AI-related stocks have rebounded and NVIDIA shares surged, Bitcoin has failed to follow suit. Both assets have broken to new lows, signaling a deepening consolidation phase.
The market is poised to react to U.S. employment data set for release on September 6.
