The 38th week of the year is historically the third worst for Bitcoin, averaging a decline of 2.25%. This week, Bitcoin dipped nearly 2%, trading around $113,000. The pattern indicates seasonal weakness, although the overall trend for the month and quarter remains positive. Max pain analysis suggests a potential downside towards $110,000 due to September's options expiry. Market enthusiasm has waned, with perpetual funding rates for Bitcoin at one of their lowest points in a month, indicating reduced demand for leveraged positions. Despite this week's decline, Bitcoin is still up 4% for September and 6% for the quarter, leaving the door open for future volatility with favorable historical performance ahead. Meanwhile, gold has significantly outperformed Bitcoin, and the surge in AI and high-performance computing stocks has further dampened sentiment for the cryptocurrency.

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