Matrixport: Historically Negative September Returns, Markets About to Respond to U.S. Jobs Data Released on September 6
Cryptocurrency financial services firm Matrixport released a report saying that Bitcoin is approaching its most challenging month, September. Historically, September has seen negative returns, it said. This year adds additional pressures, including the expected outlook for the U.S. tech sector following the release of NVIDIA's earnings forecasts, the Federal Reserve's policy decisions, and the upcoming U.S. presidential election debates (featuring Harris versus Trump). This September will have a major impact on Bitcoin's price action. From 2022 not until the second quarter of 2024, there was a strong correlation between NVIDIA and Bitcoin. However, while AI has rallied recently and Nvidia stock has soared, Bitcoin has not kept up. Both asset prices are falling to new lows, signaling a deeper consolidation. The market is about to respond to the U.S. jobs data released on September 6th.
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