#thinkingaboutBitcoin
The last week of the year saw the price of Bitcoin hit the $57,000 mark. This came amid a Wall Street rebound following the worst week in years.
According to analysts at Coin Metrics, the price hit the $57,449 mark at one point. Bitcoin's exchange rate fell 9 per cent last week, its worst performance since August 2023.
The price of the token has been in a narrow range for most of the year. The past week saw a drop in its value to $55,000.
A key factor causing the drop is seasonality. As for other risky assets, September is not the most favourable month for bitcoin and other similar financial instruments.
In my opinion, in order for bitcoin to start showing gains in the coming week, US stock indices need to be stable or in positive territory, which could lead to lower ETF outflows. What do you think?