Bitcoin’s Underlying Changes Resist Market Slump: Prolonged Bullish Trend Remains Intact

Bitcoin Hovers Near $112,000, But the Bull Market Isn’t

Yet

As of September 23, 2025, Bitcoin (BTC) has pulled back slightly, trading around $112,737—a decrease of 1.08% in the last 24 hours ZBCN up +20.37%, BTC -1.08%, Mantle is The Coin of The Day [ 2 ]. Despite this recent dip, the overall bullish trend for the cryptocurrency remains strong, backed by historical data and shifting market conditions. So far in September 2025, Bitcoin has already climbed 8%

, making it the second-best September since 2012 Bitcoin 8% Gains Already Make September 2025 Its … [ 1 ]. This performance goes against the usual seasonal trend, where Bitcoin typically sees an average loss of 8% during September Bitcoin 8% Gains Already Make September 2025 Its … [ 1 ].

This bull phase stands out from previous cycles, especially regarding volatility. Earlier rallies often featured wild price swings and drawdowns as steep as 80%, but the 2025 run has been marked by much smaller corrections. According to Glassnode, the largest drop from all-time highs this cycle has been only 30%, a significant departure from past patterns Bitcoin 8% Gains Already Make September 2025 Its … [ 1 ]. However, this lower volatility has also meant that Bitcoin’s gains have lagged behind traditional markets like the S&P 500, which has reached new highs Bitcoin vs S&P 500: Saylor Sees BTC Outperforming … [ 4 ].

Looking at past cycles, Bitcoin’s current slower performance is likely temporary. In the 2024 bull run, Bitcoin also started outpaced by the S&P 500 but eventually caught up. Analysts expect a similar scenario now, with the price consolidating between $110,000 and $120,000 before another upward move Bitcoin vs S&P 500: Saylor Sees BTC Outperforming … [ 4 ]. MicroStrategy co-founder Michael Saylor has echoed this optimism, forecasting that Bitcoin will outperform the S&P 500 by nearly 29% per year over the next two decades. Saylor credits this to Bitcoin’s capped supply and decentralized structure, which he believes offer a more reliable store of value than fiat currencies or stocks Did Bitcoin Price Decouple From S&P500? [ 5 ].

Recent market swings have also underscored Bitcoin’s potential to move independently from other asset classes. In late September, while the S&P 500 dropped 12% over three days, Bitcoin fell just 5.51% before stabilizing. BlackRock CEO Larry Fink has called Bitcoin an “uncorrelated asset,” a view that is gaining popularity as investors look for protection from broader economic risks. This changing relationship could mark a new era, with Bitcoin acting as an independent source of returns rather than simply tracking equities.

Technical analysis also points to a continued bullish outlook. The Swing Failure Pattern (SFP), a reversal strategy based on liquidity, has appeared in Bitcoin’s recent price movements. Failed attempts to break above resistance, followed by reversals, are being seen by analysts as evidence of institutional buying and possible short-term pullbacks. Meanwhile, volatility remains unusually subdued, suggesting the market may be gearing up for larger price moves Bitcoin 8% Gains Already Make September 2025 Its … [ 1 ].

Despite these positive signals, there are still risks. Bears currently have the upper hand, with 86% of the top 200 cryptocurrencies by market cap posting losses in the last day ZBCN up +20.37%, BTC -1.08%, Mantle is The Coin of The Day [ 2 ]. Even so, Bitcoin’s market dominance at 57.81% ZBCN up +20.37%, BTC -1.08%, Mantle is The Coin of The Day [ 2 ] and its reputation as a store of value, as highlighted by Saylor, reinforce its staying power. As key macroeconomic events—such as central bank decisions and inflation reports—approach, the balance between Bitcoin’s inherent strengths and outside influences will likely shape the next stage of the bull market.