Bitcoin Posts Biggest Monthly Price Loss Since March

Bitcoin fell by over 7% over the period, the biggest monthly percentage decline since March, according to CoinDesk's Bitcoin Price Index.

Bitcoin's latest monthly decline is again accompanied by an uptick in the greenback.

The Dollar Index, which tracks the greenback's value against majors, gained nearly 1.8% in September - the first monthly rise since March.

Bitcoin has moved largely in the opposite direction to the DXY since the coronavirus crisis slammed markets in March.

The top cryptocurrency by market cap, bitcoin rallied from $3,867 to $12,400 in the five months to mid-August before falling back to $10,000 last month.

The S&P 500, Wall Street's equity index, and gold have moved more or less in lockstep with bitcoin over the past 6.5 months.

These correlations may be coincidental, according to Alfred - that is, the dollar has been influencing price action in the major markets as well as bitcoin.

The DXY's corrective bounce in September put pressure on bitcoin, gold, and equities.

According to a tweet from chart analyst and trader Josh Rager, bitcoin's late September recovery from $10,000 to $10,800 has kept the bullish price structure intact.

At press time, bitcoin is trading near $10,888, up 1.93% on the day.