Bitcoin Price Makes Second Straight Monthly Loss in September

Bitcoin is reporting losses for a second straight month, but there are hints of a bullish breakout ahead in the fourth quarter.

At press time, the leading cryptocurrency is trading at $6,570 - down 6.30 percent from September's opening price of $7,014.

BTC also registered a 10-percent decline in August, according to CoinDesk's Bitcoin Price Index.

Despite the back-to-back monthly losses, the cryptocurrency is flashing a 2 percent gain for the third quarter.

The long-term bearish-to-bullish trend change was short-lived as prices fell back below $8,000 on July 27, courtesy of the SEC's second rejection of the Winklevoss brothers' application for a bitcoin ETF. Nevertheless, the leading cryptocurrency posted a 21 percent gain in July, snapping the longest losing streak in nearly two years.

Signaling a rotation of money out of high-risk alternative cryptocurrencies and into bitcoin, and possibly into fiat currencies, the BTC dominance rate also rose above 50 percent for the first time since Dec. 19, 2017.

BTC's rise to highs above $7,500 in the first half of the month was supplemented by the bullish turn in the weekly MACD. As a result, the cryptocurrency was looking likely to rise further toward July highs above $8,500.

The cryptocurrency's persistent defense of $6,000 has convinced many, including the likes of billionaire investor Novogratz and Fundstrat's Tom Lee, that the BTC market is experiencing seller fatigue and has reached a bottom around $6,000.

A bullish reversal would be confirmed only after BTC has found acceptance above the recent lower price high of $7,429.

The prospects of BTC witnessing bull breakout in the fourth quarter are high as the cryptocurrency tends to perform well in the last three months of the calendar year, seasonality analysis indicates.