Bitcoin under pressure: Price drops below $53k

Bitcoin under pressure: Price drops below $53k

Bitcoin has experienced a dramatic drop in recent days, with its price falling below the psychological $53,000 mark. This drop, which saw the value of the cryptocurrency fall by almost 8% to a low of $52,530, has sparked concern among investors and is linked to weakening US jobs data that suggests a possible economic slowdown.

August data revealed lower-than-expected job growth, leading to greater investor caution and efforts to shun riskier assets such as Bitcoin.

September is traditionally considered the weakest month for the cryptocurrency, with prices historically averaging a decline of more than 5%.

The seasonal behaviour of investors after the summer months, when they reassess their portfolios, often puts additional pressure on prices. This phenomenon is also evident in the cryptocurrency markets. Investors should therefore closely monitor economic indicators and market signals that may have a significant impact on cryptocurrency prices.