The cryptocurrency market faced new challenges in September. Historical data shows that September is usually a month of poor performance for Bit. In the past 12 years, Bit has experienced a fall at the end of the month 8 times in September.

The current market situation is more complex, with only 23 days until the next Federal Open Market Committee (FOMC) meeting, which may trigger market volatility. Meanwhile, large funds are flowing into Ethereum (ETH), causing Bitcoin to fall to the key support level of $112,000. This shift in capital flow raises the question: Are investors starting to be more optimistic about ETH's upward potential rather than Bitcoin's short-term rebound?

In the last 24 hours, Bitcoin has experienced a significant price fall. The BTC price sharply dropped by nearly 5%, reaching a low of $110,000. This break below the support level triggered a large number of stop-loss orders, further exacerbating the market correction.

It is worth noting that a large liquidation of up to 12.49 million USD occurred on the BTC-USDT-SWAP contract on the OKX exchange. Overall, the market liquidation amount reached 257 million USD, with 94% being long stop-losses, which nearly exhausted the market's rebound momentum.

The rebound momentum of Bitcoin, which started at $111,000 in early August, has lost steam. Although similar pullbacks in early August had driven BTC up by 10% to $123,000, this time the bulls' attempts did not last long, instead triggering a deeper pullback, ultimately falling below the $110,000 mark.

This series of events indicates that the encryption currency market is facing new uncertainties, and investors need to closely monitor market trends and the impact of macroeconomic factors.