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

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?

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.