After analyzing market dynamics since early August, Coinbase analysts David Duong and David Han pointed out that Bitcoin's current market price is located 0.50 standard deviations below its three-month average compared to a risk-adjusted benchmark. In contrast, the level of the S&P 500 Index is 1.41 standard deviations above its three-month average. Additionally, the report mentions that Bitcoin's recent price volatility has been relatively low, with trading ranges limited, lacking narrative factors that could drive price increases, and September is typically considered a difficult period for the cryptocurrency industry.