Bitcoin is presently exhibiting bullish price action that has sparked optimism amongst crypto traders. The cryptocurrency lately broke above the psychological $60,000 worth barrier after three weeks of performing as a dreaded resistance stage. Since breaking previous $60,000, Bitcoin has continued the run-up and has elevated by 9.8% prior to now seven days. Apparently, the crypto is up by 20% from its lowest level of $52,827 this month.
This worth enhance comes at a vital level for Bitcoin, as September has all the time been a make-or-break month for Bitcoin’s worth efficiency within the fourth quarter of the yr. In accordance with worth information from Coinglass, a inexperienced shut in September has been a precursor to robust efficiency in October, November, and December.
Historic Developments And The Significance Of A Inexperienced September
A ‘inexperienced’ September refers to Bitcoin closing the month in revenue or with an general worth 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 ‘crimson’ Septembers, the place costs closed decrease than they began the month. In distinction, solely three Septembers have led to inexperienced. Nevertheless, these uncommon cases of a inexperienced shut have persistently led to robust rallies within the subsequent months of October, November, and December.
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The primary 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 good points within the months that adopted, with Bitcoin surging 33.49% in October, 19.27% in November, and 13.83% in December. The most recent inexperienced September occurred not too way back in 2023. This led to a major 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 Anticipate From The Bitcoin Value
On the time of writing, Bitcoin is buying and selling at $63,640. Bitcoin has witnessed an inflow of investments prior to now few days, which in flip has flowed into different cryptocurrencies. Your 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 generally as a result of United States Federal Reserve’s resolution to cut its benchmark interest fee 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.
Wanting forward, additional fee cuts are anticipated within the coming months. In accordance with the CME Group’s FedWatch Software, traders are presently on a 100% chance of one other fee minimize within the subsequent Fed assembly held on November 7. This outlook bodes well for Bitcoin and the broader crypto market, as continued fee cuts might result in sustained upward worth momentum. Crypto traders can look forward to months of optimistic worth motion for Bitcoin, with the following targets being breakouts above $65,000, $67,000, and $70,000.
Featured picture created with Dall.E, chart from Tradingview.com
