29/09/2021
👩🏫TODAY
🕖6:57 PM
Wednesday,September 29
BITCOIN posts it worst monthly reading since May
Bitcoin plunged again on Tuesday,losing a total of 12% this month,which is its worst monthly reading since May. It is the fifth negative figure
for September and the worst rate since 2019.
At the Same time, US stock are under pressure,
with the S&P 500 on truck for its worst month this year.Acrane Research said the 90-day Correlation of the two has grown very significantly Over the past day.
For Art Hogan,Chief strategics at National Securities, this make sense bitcoin tends to fall
when other riskier assets also fall. "What's going down now? All the high flying,high multiple riskier assets.And bitcoin has to place it self in that neighbourhood," he said.
Now it is important to keep a close eye on $
40,00, as any significant break below this level will cause some traders to down grade their position in the short term.
But the situation may change in october,especially since six of the last 10 years
have been positive for Bitcoin. Past data said its gains and average of 13% during october.
Good Luck.
