Bitcoin (BTC), which is the biggest cryptocurrency in terms of market capitalization has been leading the market recovery, with its recent surge up to $63,000. The performance of the cryptocurrency has increased by 8% in the last week, resulting in one of the best performances for September since the creation.
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Bitcoin Registers Sixth Green Daily Candle
Bitcoin struggled to stay above $55,000 during the first month. It plummeted down to support at $52,000, which sparked alarm among investors. BTC was followed by the entire sector which fell 12%, resulting in a $1.81 billion market cap.
The market has experienced a major boost since then. fueled By the US Federal Reserve’s (Fed). The sector rose 5% after the Fed announcement. It continued its upward trajectory over the weekend.
Crypto investment products saw $321 million of inflows last week, marking the second positive net weekly flows. According to CoinShares, the Bitcoin-based investment products accounted for $284 million of those inflows. report.
BTC propelled in part by Kamala Harris recent acknowledgment The crypto-industry recovered by 20% since the lows monthly of 6 September. This rebound has pushed cryptocurrency prices towards the resistance level of $64,000, last seen a month earlier.
Bitcoin has been oscillating between $63,000 and $63900 since Monday, with six daily green candles.
BTC to see 4 Green months in a row?
BTC’s price has been rising in recent days, translating into an increase of green figures for month-to date (MTD). This makes September a good month to invest in cryptocurrency. Coinglass’ data reveals the flagship crypto has an MTD return of 7.94%.
Some market watchers have noticed this performance. suggest Bitcoin will have its best month yet in September. Crypto Jelle pointed out in an X-post that BTC is on its way to registering the best September so far. “is currently on track for the strongest September performance in its history” After its MTD returns surpassed those of September 2016,
According to the analyst, flagship cryptocurrency Bitcoin is getting ready for an influx of new users. “promising” performance next quarter. Jelle pointed out BTC’s performance next quarter. closed Three times in September, the green number will appear.
The cryptocurrency has closed the month in green four times out of five. Bitcoin’s recent performance suggests it could be heading for a major bull run during Q4.
If you close this month with a positive result, there is a good chance that November, December and October will also end in favourable conditions.
This week is going to be a busy one, he said. “decision time” For the flagship crypto, a higher high will be “within an arm’s reach.” Pushing the resistance above $65,000 would be a good move. “flip the narrative” BTC is now at levels it hasn’t seen since August.
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Charts of cryptocurrency currencies are displayed. “massive descending broadening wedge,” Which has the ability to reach $90,000 following a breakout. In the end, it is up to you. considers Bitcoin’s price will not continue to trade in this manner for a long time.
At the time of writing this article, the flagship currently trades for $63,700. That’s a rise of between 1.7% and 10.0% on the weekly and daily timeframes.
Charts from TradingView.com and Unsplash.com.
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Source: www.newsbtc.com
