August closed as the fifth in the red for the cryptocurrency market

Hello dear friends and followers, as you all may already know the closing of the month of August as it culminates sealing a new episode dyed in red, an event that would complete five months in red for the cryptocurrency market, reinforcing the downtrend for Bitcoin main cryptocurrency by market capitalization.

Among the probabilities being handled, the price action pullbacks that Bitcoin experienced in August could extend into September, so, it is assumed that the following weeks would have negative behaviors for the price action.

And as I commented in one of my most recent posts, September is expected to mark or rather close in the red, this if we take into account that the ninth month of the year has historically been a month of low performance for all markets and where Bitcoin has presented low returns except for what happened in the years 2015 and 2016.

As I have already highlighted let's keep in mind that in the third week of September the FED will communicate a new interest rate hike, which according to market estimates may be at 0.75%, which would seal the fifth time a rate hike is made this year and the third consecutive time the increase is applied, which may affect the price action in the cryptocurrency market as it has happened in the previous increases.

The most optimistic assume, that it is possible that an announcement of lower inflation by the FED will serve as a driver for Bitcoin price action, in this sense, I would like to know your appreciation on the ideas developed here.

CointeleGraph. Why September is shaping up to be a potentially ugly month for Bitcoin price. Link

The cover image was designed by the author: @lupafilotaxia, incorporating image: CNBC