Bitcoin Holds Firm After Best August Since 2017
Bitcoin typically struggles when oil, Treasury yields and the dollar rise because tighter financial conditions reduce demand for speculative assets. That backdrop sharpened after renewed U.S.-Iran tensions pushed Brent crude above $90 a barrel and Federal Reserve Chair Kevin Warsh’s Jackson Hole remarks increased expectations for a September rate increase. Its ability to retain August’s breakout therefore suggests dip buyers and under-allocated investors are still providing support, even as the broader cross-asset environment turns less favorable.
Bitcoin traded near $78,000 on Sept. 1 after gaining roughly 25% in August, its best August since 2017 and strongest month since November 2024, according to LMAX Group strategist Joel Kruger. It briefly topped $81,000 the previous week. Wintermute sees support at $75,000 and $72,000 and resistance near $82,000 ahead of the Federal Reserve’s Sept. 16 meeting. Attention now shifts to the Sept. 4 U.S. nonfarm-payrolls report: economists expect 55,000 new jobs in August and unemployment to hold at 4.1%, figures that could reshape rate-hike expectations.
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The history behind this eventBitcoin Slides Into ‘Rektember’ After Best August Since 2017
Bitcoin’s “Rektember” label reflects a persistent seasonal pattern rather than a guaranteed selloff. Since 2013, September has been Bitcoin’s weakest month on average, producing a loss of nearly 3% and only five positive returns in 13 years. The past three Septembers, however, all ended higher. That mixed history follows an unusually strong August, when Bitcoin gained 25%, its best month since November 2024 and strongest August performance since 2017.
Bitcoin fell below $77,000 as September trading began, Decrypt reported on Sept. 2, with the token down 2% at about $76,600. Ether dropped 3% to $2,376 and SOL declined 4% to $98. U.S. spot Bitcoin ETFs recorded $237 million of net outflows on Tuesday, while Ether ETFs drew $8.6 million. The U.S. 10-year Treasury yield reached 4.784%, and markets priced a 66% probability that the Federal Reserve would raise rates by 25 basis points on Sept. 16.
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