Bitcoin (BTC) Exits its Most Bearish Month with an Upsurge Unseen Since April
Bitcoin, the flagship cryptocurrency, closed September with 7.03% price losses. Is that a lot?
Fifth in a row
According to data by on-chain dashboard Bybt, for the fifth time in a row, Bitcoin (BTC) bulls fail to close September in the green zone. However, September 2021, brought less pain than in 2019-2020.
The Bitcoin (BTC) price dropped by 7.03%. In the last two years, the first month of autumn ended with 13.38% and 7.53% losses. It also should be noted that Bitcoin (BTC) registered its most painful day ever this September: on Sept. 7, it lost more than $10,000 in one day.
At the same time, in terms of quarterly performance, Bitcoin (BTC) broke the trend in 2021. While Q1 and Q3 are historically bearish for Bitcoin (BTC), in 2021, it managed to close them with 103% and 25% gains, respectively.
Now, Bitcoin (BTC) is entering its most profitable quarter for bulls: in the last eight years, it closed at least two of three months in the green five times.
September ended, Bitcoin wakes up
Shortly after exiting September, Bitcoin (BTC) started rallying like it was on steroids. Today, Oct. 1, 2021, it added $3,500 in about three hours.
A similar upsurge has not been registered by Bitcoin (BTC) since April 2021, the most bullish month ever.
On futures markets, the bears were slaughtered today: out of $400 million liquidations registered in the past 12 hours, more than 66% were shorts. On BitMEX, bears were responsible for 99% of liquidations.
Strong hands continue accumulating BTC aggressively
Such a spike cannot happen overnight. According to on-chain data by leading analytics vendor Glassnode, large-scale Bitcoin (BTC) holders continue accumulating.
In late September, 2021, the number of Bitcoins (BTC) accumulated by long-term holders touched a historical high at 80.5% of the circulating BTC supply.
The total volume of #Bitcoin held by Long-Term Holders has reached a new all-time-high of 80.5% of circulating $BTC.The breakdown of circulating supply is:- LTH supply profit = 71.1%- LTH supply in loss = 9.4%- STH supply = 19.5%Live chart: https://t.co/paIeUkvl6I pic.twitter.com/nMyfHfzyxU— glassnode (@glassnode) September 27, 2021
Glassnode co-founder and CTO Rafael Schultze-Kraft noticed that accumulation processes were registered in all categories of Bitcoin (BTC) owners:
Yes, increased accumulation across cohorts. Very bullish if we see this trend continue.