After losing the critical US$ 40,000 support at the end of September 2021, the bitcoin price (BTC) managed to recover briefly. On Friday (01), the cryptoasset was back up to around US$ 47,000 through the BTC/USD pair.
However, just before the end of September 2021, bitcoin’s performance ended the weekly performance ‘in the red’. According to Bybt data, the cryptoasset accumulated a monthly fall of 7.03%.
Considered the worst month of the year, bitcoin failed to reverse the accumulated depreciation over the past 30 days before ending September in the red. Since 2017, the cryptoasset has not managed to reverse this downward trend in this month.
The worst month for Bitcoin
Historically, September is the worst month for the price of bitcoin, which has accumulated a consecutive devaluation this month in the last five years, between 2017 and 2021. In the previous year, for example, the cryptoasset has devalued 7.51%.
Meanwhile, in September 2021, bitcoin accumulated a fall of 7.03%. With this performance, September was the month that least resulted in a cumulative appreciation for the cryptoasset in the past nine years.
In addition to the period between 2017 and 2021, the bitcoin price ended in the red between the years 2013 and 2014. Considering that in the last nine years, seven years it presented devaluation, in September 2014 the BTC recorded the worst drop, with an accumulated devaluation of 19.01%.
On the other hand, for two years in a row, the price of Bitcoin has had a positive return in September. According to data from Bybt, in 2015, the cryptoasset ended the month with a cumulative appreciation of 2.35%. On the other hand, in September 2016, bitcoin’s positive result ended at 6.04% monthly appreciation
The bitcoin price began September 2021 with a wave of appreciation that caused the cryptoasset to be quoted at US$ 48,000 in the first few days of the month. Also, in the first week, BTC broke the US$ 52,000 level and approached US$ 53,000 on September 7, 2021.
But while El Salvador promulgated bitcoin as the country’s legal tender, the cryptoasset had a considerable devaluation right after breaking US$ 52,000 on the market.
Unable to resume the bullish movement, the bitcoin price briefly lost the US$ 40,000 support on September 22, 2021. According to data from CoinMarketCap, the cryptoasset’s price has fluctuated between US$ 33,787.61 and US$ 52,853.76 over the past 30 days.
With only three days to end September, until the 27th bitcoin was accumulating a devaluation of 8.20%. Considering this year’s depreciation, this was the sixth consecutive year that BTC ends the month of September presenting a downtrend in the market.
In previous years, once September had ended, the price of bitcoin jumped more than 10% in the market, surprising investors. On Friday morning (1), the BTC was once again quoted above US$ 47,000, partially reversing the accumulated devaluation in September 2021.