This article is available in Spanish.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has led the market recovery with a surge to the $63,000 mark. Following recent developments, the flagship cryptocurrency’s performance has seen a weekly increase of 8%, propelling BTC to one of its best September performances since its inception.
Related reading
Bitcoin records sixth green daily candle
During the first week of the month, Bitcoin saw its price struggle to stay above the $55,000 mark, plummeting to the $52,000 support zone and alarming investors. The rest of the sector followed BTC’s lead, dropping 12% to a market cap of $1.81 trillion earlier this month.
Since then, the market has seen a significant boost, mainly fueled by the interest rate cut by the US Federal Reserve (Fed). Following the Fed’s announcement, the sector rebounded 5% and continued its upward trajectory through the weekend.
On the back of positive market sentiment, crypto investment products ended the week with an inflow of $321 million, the second weekly positive net inflow in a row. The inflow was led by Bitcoin-based products, which registered $284 million last week, according to CoinShares. report.
BTC, fueled in part by Kamala Harris’ recent crypto industry recognition, recovered 20% from the September 6 monthly low. The recovery pushed the cryptocurrency’s price towards the $64,000 resistance level, last seen a month ago.
After failing to regain the key resistance level, Bitcoin’s price fluctuated between $63,000 and $63,900 throughout Monday morning, recording six green daily candles since September 17.
Will BTC experience four green months in a row?
BTC’s recent price action has translated into green numbers on the month-to-date (MTD) time frame, making September a green month for the cryptocurrency. Coinglass data shows that the flagship crypto exhibits an MTD return of 7.94%.
This performance was noticed by some market watchers to suggest that Bitcoin is on track to record its best September yet. In an
According to the analyst, the flagship cryptocurrency is preparing for a “promising” performance next quarter. Jelle also pointed out that BTC only ended September with green numbers three times.
However, the times this has happened, the cryptocurrency’s monthly returns have closed in the green for four months. This suggests that Bitcoin may be on the verge of a massive bull run for the fourth quarter.
This month closes in green and there is a good chance that October, November and December will also close in green.
He pointed out that this week will be “decision time” for the flagship cryptocurrency as a higher high is “within reach.” A push above the $65,000 resistance level would “reverse the narrative” and send BTC to levels not seen since early August.
Related reading
The cryptocurrency’s chart shows a “massive bearish widening wedge,” which has the potential to reach $90,000 after a breakout. Ultimately the analyst considers that Bitcoin will not trade within this pattern for much longer.
At the time of writing, the flagship is trading at $63,700, up 1.7% and 10% in the daily and weekly time frames.
Featured image from Unsplash.com, chart from TradingView.com
Credit : www.newsbtc.com
