2024-9-24 12:30 |
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has led the market recovery with its surge to the $63,000 mark. Following the recent developments, the flagship cryptocurrency’s performance has seen an 8% weekly surge, driving BTC to one of its best September performances since its creation.
Bitcoin Registers Sixth Green Daily CandleDuring the first week of the month, Bitcoin saw its price struggle to keep above the $55,000 mark, plummeting to the $52,000 support zone and raising investors’ alarms. The rest of the sector followed BTC’s lead, dropping 12% to a market capitalization of $1.81 trillion earlier this month.
Since then, the market has seen a significant boost, mostly fueled by the US Federal Reserve’s (Fed) rate cut. Following the Fed’s announcement, the sector recovered 5%, continuing its ascending trajectory throughout the weekend.
Due to the positive market sentiment, crypto investment products ended the week with $321 million in inflows, the second weekly positive net flows in a row. The inflows were led by Bitcoin-based products, which registered $284 million last week, according to the CoinShares report.
BTC, propelled also by Kamala Harris’ recent acknowledgment of the crypto industry, recovered 20% from the monthly lows of September 6. The rebound pushed the cryptocurrency’s price toward the $64,000 resistance level, which was last held a month ago.
After failing to reclaim the key resistance level, Bitcoin’s price has been hovering between the $63,000-$63,900 range throughout Monday morning, registering six green daily candles since September 17.
Will BTC See Four Green Months In A Row?BTC’s recent price action has translated into green numbers in the month-to-date (MTD) timeframe, making September a green month for the cryptocurrency. Coinglass data reveals that the flagship crypto displays a 7.94% return MTD.
This performance was noted by some market watchers, who suggest that Bitcoin is on its way to registering its best September so far. In an X post, Crypto Jelle highlighted that BTC “is currently on track for the strongest September performance in its history” after its current MTD return surpassed that of September 2016.
To the analyst, the flagship cryptocurrency is preparing for a “promising” performance next quarter. Jelle also pointed out that BTC has only closed 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 straight. This suggests that Bitcoin may be on the verge of a massive bull run for Q4.
Close this month in the green, and the odds are high October, November and December will close green as well.
He pointed out that this week will be “decision time” for the flagship cryptocurrency, as a higher high is “within an arm’s reach.” A push above the $65,000 resistance level would “flip the narrative” and see BTC moving to levels not seen since early August.
The cryptocurrency’s chart displays a “massive descending broadening wedge,” which has the potential to hit $90,000 after a breakout. Ultimately, the analyst considers that Bitcoin won’t trade within this pattern for much longer.
As of this writing, the flagship trades at $63,700, a 1.7% and 10% surge in the daily and weekly timeframes.
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