CDS Crypto News BTC Price Action: Bitcoin Hits $59,800 Amidst September’s Unusual Rally
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BTC Price Action: Bitcoin Hits $59,800 Amidst September’s Unusual Rally

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Btc Price Action: Bitcoin Hits $59,800 Amidst September’s Unusual Rally

BTC Price- Bitcoin Shows Resilience with 3.2% Daily Gains: Will September Break the Trend?

BTC Price– On September 3, Bitcoin (BTC) traded close to $59,000, marking a significant rebound with a 3.2% daily gain. Data from Cointelegraph Markets Pro and TradingView reveals that despite a dip at the end of August, Bitcoin surged to $59,800 overnight, defying the usual bearish trend seen in September.

September’s Unusual Start: BTC’s Performance Surpasses Expectations

Btc Price Action: Bitcoin Hits $59,800 Amidst September’s Unusual Rally
Daan Crypto Trades

Traditionally, September is a weak month for Bitcoin, but this year’s early performance suggests a potential outlier. According to popular trader Skew, the BTC/USD pair showed promising signs with constructive closes and confirmations on the four-hour chart. The Relative Strength Index (RSI) was at 48.9, just shy of the 50 mark needed for a confirmed upward trend.

Market Sentiment: Will September Break the Bearish Trend?

Btc Price Action: Bitcoin Hits $59,800 Amidst September’s Unusual Rally

Traders like Daan Crypto Trades are revisiting the common belief that September is typically a bad month for cryptocurrencies. He speculates that this September might perform unusually well, with a potential shift in trends for the upcoming months. So consensus is: September Bad, Q4 Good. What if: September insanely good, Q4 more chop/bleed, he noted.

Dull Markets and Future Outlook: What Traders Are Watching

Michaël van de Poppe, founder of MNTrading, describes the current market as dull, a common precursor to significant movements. Analysts are keeping a close watch on whether this early positive momentum will continue, with a possible bullish outcome as the month progresses.

QCP Capital’s latest bulletin highlights a concern for both Bitcoin and gold. Despite gold reaching a new all-time high in August, it may face downward pressure similar to Bitcoin. Historically, September has been a bearish month for various asset classes, including cryptocurrencies and gold. QCP Capital notes that bonds have fallen in 8 of the last 10 Septembers and gold has been lower every year since 2017.

Btc Price Action: Bitcoin Hits $59,800 Amidst September’s Unusual Rally
Written by
sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

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