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Bitcoin’s summer lull could finally come to an end with a bullish breakout if it manages to close the month of August in the green.
To close August in the green, Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null">BTC</a>) price needs a monthly close above $64,300, which would require an over 7% rally from the current $59,960.
While the monthly candle close is difficult to predict, Bitcoin’s recent price action is a positive sign, according to Bitfinex analysts, who told Cointelegraph:
<blockquote>
 “Bitcoin reclaiming recently lost key levels like $64,000 and $61,500 are bullish signs […] The current market is still illiquid, and we continuously have low-volume volatile moves. The current move lower is an unwinding of perps and spot long positions that had entered the market before the Jackson Hole conference.”
</blockquote>
<figure>
 <img alt="Can Bitcoin get a green monthly close above $64.3K?" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919944-c1c4-7c41-8b63-f0affff49c2c">
 <figcaption style="text-align: center;">
 BTC/USD, 1-month chart. Source: Cointelegraph
 </figcaption>
</figure>
Bitcoin’s price has been struggling to trade above the $60,000 psychological mark. The world’s first cryptocurrency is down over 12% on the monthly chart, according to Cointelegraph data.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gavin-wood-web3-cryptocurrency-ethereum-fee-free-transactions" rel="" target="_self" text="null">Gavin Wood’s biggest hope: Free crypto transactions and Web3 tech worldwide</a>
<h2 id="bitcoin-struggles-to-overcome-63-900-resistance">Bitcoin struggles to overcome $63,900 resistance&nbsp;</h2>
Analysts warned that the lack of liquidity characteristic of the summer could carry on into September and bring downside volatility.
Thus, Bitcoin will struggle to overcome the $63,900 resistance, according to Bitfinex analysts, who added:
<blockquote>
 “Price is a reflection of historical market transactions; we must look under the hood. Price rallied up to the Short Term Holder (STH) realized price of around $63,900 currently, and thus, we also saw some profit-taking from the STH cohort.”
</blockquote>
<figure>
 <img alt="Can Bitcoin get a green monthly close above $64.3K?" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919945-7f6b-75b5-8d30-9746f86d9515">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart, $63,900 resistance. Source: TradingView
 </figcaption>
</figure>
Bitcoin’s average returns for the month of September were negative at -4.78% since 2013, according to analysts.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-whales-accumulate-540m-price-bottom-nears" rel="" target="_self" text="null">Ethereum whales buy big as ETH bottom approaches, analysts predict</a>
<h3 id="lower-interest-rates-could-trigger-bitcoin-bull-market-in-early-2025-nexo">Lower interest rates could trigger Bitcoin bull market in early 2025: Nexo&nbsp;</h3>
Bitcoin’s price remains range-bound between $58,000 and $64,000 amid the summer illiquidity.
However, a period of lower interest rates could trigger a parabolic run for Bitcoin, according to Kristian Haralampiev, structured products lead at Nexo.
He told Cointelegraph:
<blockquote>
 “Should lower interest rates come into effect to create a strong tailwind for BTC, then the bull market may only be taking a breather now before intense growth returns in early-to-mid 2025.”
</blockquote>
Investors are increasingly expecting an interest rate cut from the United States Federal Reserve at its upcoming meeting on Sept. 18.
<figure>
 <img alt="Can Bitcoin get a green monthly close above $64.3K?" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919946-1037-7b27-9606-0c1610e8ea9a">
 <figcaption style="text-align: center;">
 Odds of an interest rate cut. Source: CME FedWatch
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow" target="_blank" text="null">According</a> to the latest data from the CME FedWatch tool, the odds of a 25 basis-point rate cut currently stand at 65.5%, while the odds of a 50 basis-point rate cut are at 34.5%.<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen frameborder="0" height="315" src="https://www.youtube.com/embed/W9IZohqFmOk" width="100%"></iframe>
Why America Should Buy Bitcoin | RFK Jr. Interview. Source: YouTube
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-sec-defi-phishing-malware-hackathon/" rel="" target="_self" text="null">$55M DeFi Saver phish, copy2pwn hijacks your clipboard: Crypto Sec</a>

Can Bitcoin get a green monthly close above $64.3K?

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