Bitcoin is at present exhibiting bullish price action that has sparked optimism amongst crypto traders. The cryptocurrency not too long ago broke above the psychological $60,000 value barrier after three weeks of performing as a dreaded resistance degree. Since breaking previous $60,000, Bitcoin has continued the run-up and has elevated by 9.8% previously seven days. Interestingly, the crypto is up by 20% from its lowest level of $52,827 this month.
This value enhance comes at a crucial level for Bitcoin, as September has all the time been a make-or-break month for Bitcoin’s value efficiency within the fourth quarter of the yr. According to cost knowledge from Coinglass, a inexperienced shut in September has been a precursor to robust efficiency in October, November, and December.
Historical Trends And The Importance Of A Green September
A ‘green’ September refers to Bitcoin closing the month in revenue or with an total value enhance from its opening on the primary day of the month. Over the span of Bitcoin’s 12-year historical past, the cryptocurrency has seen eight ‘red’ Septembers, the place costs closed decrease than they began the month. In distinction, solely three Septembers have resulted in inexperienced. However, these uncommon situations of a inexperienced shut have constantly led to robust rallies within the subsequent months of October, November, and December.
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The first occasion of a inexperienced September got here in 2015 when Bitcoin managed to shut with a modest 2.35% achieve. This seemingly small victory set the stage for features within the months that adopted, with Bitcoin surging 33.49% in October, 19.27% in November, and 13.83% in December. The newest inexperienced September occurred not too way back in 2023. This led to a big bull run and inexperienced month-to-month candles for the next six months, culminating in Bitcoin reaching a brand new all-time excessive in March 2024.
What To Expect From The Bitcoin Price
At the time of writing, Bitcoin is buying and selling at $63,640. Bitcoin has witnessed an inflow of investments previously few days, which in flip has flowed into different cryptocurrencies. The complete crypto market cap now stands at $2.21 billion, which is an 8.33% enhance in seven days.
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Notably, the rise in cryptocurrency costs is usually as a result of United States Federal Reserve’s resolution to cut its benchmark interest price by 50 foundation factors. The transfer, which was the first rate cut in over a year, is deemed to be extra favorable for dangerous belongings like Bitcoin.
Looking forward, additional price cuts are anticipated within the coming months. According to the CME Group’s FedWatch Tool, traders are at present on a 100% chance of one other price lower within the subsequent Fed assembly held on November 7. This outlook bodes well for Bitcoin and the broader crypto market, as continued price cuts might result in sustained upward value momentum. Crypto traders can look forward to months of constructive value motion for Bitcoin, with the subsequent targets being breakouts above $65,000, $67,000, and $70,000.
Featured picture created with Dall.E, chart from Tradingview.com
