Bitcoin (BTC) is making a positive September despite the historically negative returns during what the market calls the “September Effect.” Traders and investors are now looking ahead to the upcoming “Uptober,” the market’s moniker for a historically positive month, October.
Finbold retrieved Bitcoin monthly returns from CoinGlass on September 25, so far registering nearly 8% gains for this month.
Notably, October has average and median results of 22.9% and 27.7%, respectively, since 2013, explaining the moniker. Meanwhile, the “September Effect” results in a negative 3.72% and 4.35% average and median for the current month.
In 2023, Bitcoin gained 28.52% from Uptober’s opening to closing after having a 3.91% September. Interestingly, BTC only had two losing Octobers in its history. One in 2014, down 12.95%, and most recently in 2018, down 3.83%.
Bitcoin Monthly returns (%). Source: CoinGlass / Finbold
Bitcoin needs to clear retail’s long positions befo
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