# Signs of the "Early Bull?"

_Or is September poised to deliver seasonal weakness?_

September 2, 2026 • Michael Nadeau

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# Signs of the "Early Bull?"

## Or is September poised to deliver seasonal weakness?

Michael Nadeau
 September 02, 2026

 Hello readers,

 We’re now two weeks removed from the short squeeze rally that pushed BTC up 23% in 48 hours. Bitcoin has since shown resilience, holding the elevated levels amid rising oil prices and Treasury yields, while outperforming the Nasdaq and gold.

 Meanwhile, Michael Saylor is back buying BTC. Lots of coins are switching hands at elevated cost-basis cohorts. And pockets of speculation continue to emerge onchain.

 Which begs the question.

 Are we in the 11th month of a bear market? Or the first month of a new bull market?

 We explore in this week’s edition of TDR Pro.

 Topics covered:

- [Market Structure & Current Conditions Update](#market-structure-current-conditions)

- [Macro Update](#macro-update)

- [Closing Thoughts & Portfolio Management](#closing-thoughts-portfolio-manageme)

 Let’s go.

# Market Structure & Current Conditions Update

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