Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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\u2019s performance has seen an 8% weekly surge, driving BTC to one of its best September performances since its creation. Related Reading: Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears Bitcoin Registers Sixth Green Daily Candle During 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\u2019 alarms. The rest of the sector followed BTC\u2019s 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\u2019s (Fed) rate cut. Following the Fed\u2019s 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\u2019 recent acknowledgment of the crypto industry, recovered 20% from the monthly lows of September 6. The rebound pushed the cryptocurrency\u2019s price toward the $64,000 resistance level, which was last held a month ago. After failing to reclaim the key resistance level, Bitcoin\u2019s 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\u2019s 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 \u201cis currently on track for the strongest September performance in its history\u201d after its current MTD return surpassed that of September 2016. To the analyst, the flagship cryptocurrency is preparing for a \u201cpromising\u201d 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\u2019s 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 \u201cdecision time\u201d for the flagship cryptocurrency, as a higher high is \u201cwithin an arm\u2019s reach.\u201d A push above the $65,000 resistance level would \u201cflip the narrative\u201d and see BTC moving to levels not seen since early August. Related Reading: Bitcoin Could Reach $108,000 To $155,000 By 2024 End, Analyst Reveals Why The cryptocurrency\u2019s chart displays a \u201cmassive descending broadening wedge,\u201d which has the potential to hit $90,000 after a breakout. Ultimately, the analyst considers that Bitcoin won\u2019t 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. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,679,93060,93059,1119,78790,26263,10923,92109,92697,87108],"class_list":["post-644167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-price","tag-bitcoin-q4","tag-bitcoin-q4-rally","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-market","tag-fed-rate-cuts","tag-kamala-harris","tag-uptober"],"acf":[],"yoast_head":"\n
Bitcoin (BTC) On Track For 'Strongest September Performance\u2019<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n