© Reuters.

The bullish momentum that propelled to a 56.4% year-to-date gain has all but vanished, as the Bitcoin price lost 13% to close out the month of August. Bitcoin’s price seemingly had bullish momentum after the Grayscale court victory against the United States Securities and Exchange Commission (SEC), but these gains have evaporated.

The contraction in Bitcoin’s (BTC) price has some analysts comparing the current BTC market to the pre-bull market cycle of 2015-2017.

1-day price. Source: TradingView
BTC futures liquidations. Source: CoinGlass
Fear & Greed Index. Source: Alternative