Bitcoin price holds near $79K as cycle drawdowns narrow

Bitcoin traded near $79,200 on Sept. 9 after recovering sharply from its June low, supporting Wintermute’s broader argument that the current downturn has been shallower than the bear markets of 2018 and 2022. Summary Bitcoin traded near $79,200 on September 9, roughly 37% below its October 2025 record high. Wintermute said Bitcoin reached a roughly 50% cycle drawdown versus 77% and 83% historically recorded. The current price is no longer 50% below the peak after August’s recovery rally unfolded. U.S. spot Bitcoin ETFs attracted about $987 million during their third consecutive positive week recently. August payrolls rose 162,000 while unemployment remained at 4.1% ahead of September’s Fed meeting decision. The market maker said Bitcoin was about 50% below its peak roughly 340 days after the cycle high. It compared that decline with losses exceeding 75% at the same stage of the previous two major bear markets. However, the 50% figure requires context. Bitcoin’s current price is not 50% below its record. It describes the approximate maximum drawdown reached during the current cycle, or a selected point in Wintermute’s cycle comparison. At $79,200, Bitcoin was approximately 37% below...