CMC News

$BTC Faces #RedSeptember Curse as Market Drops 4%

$BTC trades just 4% away from marking another negative September as the seasonal curse threatens crypto markets. Bitcoin fell below $113,000, while overall crypto market capitalization declined 3.8% to under $4 trillion, contrasting sharply with traditional markets near all-time highs.

The Crypto Fear and Greed Index dropped to 45, marking its lowest reading since early September. Only five coins in the top 100 by market cap managed to stay positive during the selloff. Traditional markets showed resilience, with the S&P 500 gaining 0.5% to trade above 6,690 points.

$BTC opened at $115,275 before sliding 2.19% to close at $112,769 with an intraday low of $111,986. The cryptocurrency briefly threatened its multi-month support level as sellers maintained dominance. Technical indicators suggest further weakness with the RSI at 44 and ADX at 17, showing diminished trend strength.

The current price action trades below the 50-day exponential moving average while maintaining position above the 200-day average. This configuration preserves #Bitcoin's technically bullish structure despite near-term weakness. However, continued trading below the shorter-term average could signal decisive bearish territory.

$ETH performed worse than Bitcoin, falling 7% to an intraday low of $4,082.96, reflecting its higher volatility during market stress. #Ethereum's RSI plunged to 40 while ADX matched Bitcoin's weak 17 reading. The Squeeze Momentum Indicator shows "on" status, potentially signaling larger directional moves ahead.