Cryptocurrency

United

Bitcoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
<a href="https://u.today/bitcoin-heres-crucial-factor-to-determine-if-btc-hits-30000-or-falls-to-23000" rel="noopener noreferrer nofollow">Bitcoin</a>, the largest cryptocurrency by market value, began an uptick that saw highs of $26,460 in today's session. &nbsp; 
Bitcoin generally remained below $26,000 as traders awaited the SEC's decision on the launch of a spot Bitcoin ETF in the United States. September has historically been a challenging month for Bitcoin, with negative returns every year since 2016. So far, 2023 seems to be aligning with this historical narrative. 
Bitcoin's rise past $26,000 in today's trading coincided with a buy signal from the popular TD sequential indicator. According to <a href="https://twitter.com/ali_charts/status/1700064790268305463" rel="noopener noreferrer nofollow">crypto analyst Ali</a>, TD Sequential provided a buy signal on Bitcoin's three-day chart. 
<blockquote> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> | The TD Sequential presented a buy signal on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> 3-day chart. A sustiained close above $26,800 could could pave the way for a surge to $28,000.However, a <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> dip below $25,300 would nullify this bullish scenario <a href="https://t.co/yowlLc0lHv" rel="noopener noreferrer nofollow">pic.twitter.com/yowlLc0lHv</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1700064790268305463?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 8, 2023</a> 
</blockquote> 
In this scenario, Ali postulates that a sustained close above $26,800 might pave the way for Bitcoin to reach $28,000. However, a price decline below $25,300 would nullify this bullish scenario. 
At the time of writing, BTC was up 1.08% in the last 24 hours to $25,909. 
<h2 id="bitcoin-bulls-face-uphill-task">Bitcoin bulls face uphill task</h2> 
As previously mentioned, the odds are stacked against <a href="https://u.today/bitcoin-btc-september-move-foreshadowed-by-this-historical-trend" rel="noopener noreferrer nofollow">BTC bulls in September</a>, a historically bearish month for Bitcoin. Aside from that, Bitcoin is on track to create a bearish death cross signal on its daily chart for the first time since January 2022. 
Cryptocurrency trading activity fell to its lowest level of the year in August, which might be another indicator of waning investor interest. 
<a href="https://www.bloomberg.com/news/articles/2023-09-07/crypto-btc-trading-volume-slumped-to-lowest-level-of-the-year-in-august" rel="noopener noreferrer nofollow">Bloomberg</a> reported that the aggregate monthly volume of spot and derivatives trading decreased 11.5% to $2.09 trillion, the second-lowest monthly total since October 2020. 
The lackluster interest appears to be continuing into September, with Bitcoin remaining relatively unchanged for much of the first week of the month. 
All this said, Bitcoin bulls might face an uphill task in forging ahead, but the potential for an upside move remains.

Bitcoin (BTC) Might Reach $28,000 If This Happens: Details

Table of Contents

U_Today

Other articles published on Sep 8, 2023

Long-Term Litecoin (LTC) Holders Reach 5 Million: Data Shows Growing Confidence

Grab Singapura Disebut Sematkan Crypto dan NFT di Aplikasinya

10 Million CHZ Transfer To Binance Identified As Grant By Chiliz

Apple buys rights to book on SBF for $5m

80 Persen Holder SHIB Merana

Taiwan Seeks Global Input for Crypto Regulation Framework

Join our free newsletter for daily crypto updates!