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Bitcoin (BTC) achieved its strongest September performance ever, closing up 7.29%.
According to CoinGlass data, historically, Bitcoin has ended September in positive territory only four times. The first instance was in September 2015, when BTC recorded a gain of 2.25%. This trend continued in 2016, with an increase of 6.04%.
From 2017 to 2022, Bitcoin closed every September with a decline, the worst of which occurred in September 2019.
However, the trend has been turned on its head over the last two years, as Bitcoin has closed September in the green for two consecutive years.
What Made This September Stand Out for Bitcoin?
Earlier, we reported that Bitcoin’s exchange reserves fell to levels not seen since 2016. Typically, when exchange reserves decrease, it indicates that traders are moving their BTC to cold wallets, signaling a preference for holding rather than selling. This behavior is often interpreted as a bullish indicator.
According to CryptoQuant data, this trend continued throughout September.
October and November: Historically Strong Months for Bitcoin
The historical data from CoinGlass shows that October has traditionally been a good month for Bitcoin. Last year, BTC gained a substantial 28.52% in October.
Although Bitcoin’s 7.29% rise in September may not seem significant compared to some movements of altcoins, it’s a promising sign for the cryptocurrency.
During the month, Bitcoin climbed from its lowest level of $53,304 on September 7 to a peak of $66,304 on September 27.
