Why is Bitcoin’s Price Down Today?

The strong upward trend that led to a 55.7% increase in Bitcoin’s price year-to-date has significantly diminished, with the cryptocurrency experiencing an 11.4% decline over the past month. Following a recent court victory for Grayscale against the United States Securities and Exchange Commission (SEC), Bitcoin appeared to have regained some bullish momentum, but those gains have since disappeared as the losing streak in September persists.

The recent drop in Bitcoin’s price has prompted some analysts to draw comparisons between the current market conditions and the pre-bull market cycle from 2015 to 2017.

As market volatility continues, many are keeping a close eye on the indicators that might suggest the next moves in the cryptocurrency landscape.