Bitcoin

Gold

Bitcoin usually has a rough time in <a href="https://www.cryptopolitan.com/october-will-be-bitcoins-breakout-month/">September</a>. Since 2009, the crypto diva has dropped about 4% on average during this month. 
In six of the last seven years, the bears have taken the reins in September. So it’s no wonder people are cautious about Bitcoin’s short-term outlook right now.&nbsp; 
Not the traders on Bitfinex, though. No, they seem to be betting on a different outcome this time around. Since August 28, the number of Bitcoin margin longs on Bitfinex has jumped by 3,000 BTC.&nbsp; 
This brings the total to nearly 64,350 BTC. Adding to the mix, the annualized interest rate on these borrowed funds has shot up to over 20% in just the last 10 hours.&nbsp; 
Earlier today, Bitcoin traded close to $59,000 on September 3 after a surprising 3.2% daily gain. This bump came after the usual “red” September kicked off in a pretty standard fashion, with prices dipping. 
“So consensus is: September Bad, Q4 Good. What if: September insanely good, Q4 more chop/bleed. Now that would be pretty typical for this cycle,” <a href="https://x.com/DaanCrypto/status/1830874742523600967" rel="nofollow" target="_blank">tweeted</a> analyst Daan. See his chart below: 
<img loading="lazy" decoding="async" class="aligncenter" src="https://s3.cointelegraph.com/uploads/2024-09/0191b735-4897-715c-847f-3c8b11867382" width="696" height="408"> 
Meanwhile, QCP has <a href="https://t.me/QCPbroadcast/1310" rel="nofollow" target="_blank">warned</a> that gold could join crypto in heading down until October. The company said that: 
“September is typically a bearish month not just for crypto but across all asset classes (with bonds lower in 8 out of the last 10 Septembers and Gold lower every year since 2017).” 
If history is any guide, October might offer some relief. As QCP puts it, the month has an incredibly strong bullish seasonality, with positive returns and an average gain of 22.9% in 8 out of the last 9. 
But not everyone thinks history is repeating itself. Some see the current slow market as the calm before a storm. Analyst Michaël van de Poppe described it as a “dull market, which is usually the end stage before the party begins.”&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter" src="https://s3.cointelegraph.com/uploads/2024-09/0191b736-0999-7b7c-9756-f4138fbbe8f7" width="681" height="359"> 
In his <a href="https://x.com/CryptoMichNL/status/1830576409552855549" rel="nofollow" target="_blank">view</a> as you can see in the chart above, Bitcoin needs to break above $61,000 to regain upward momentum. Only time will tell. For now, all eyes are on the charts, and the whales are on the move.

Bitfinex defies Bitcoin’s seasonal dip with high whale activity

Cryptopolitan_News

Other articles published on Sep 3, 2024

Russian Miners Face Uncertain Future Amid New Cryptocurrency Law

Investors in Polymarket Are Certain That FED Will Cut Interest Rates This Month! How Will It Affe...

WazirX Hacker Transfers $6.5 Million In ETH To Crypto Mixing Platform Tornado Cash

WazirX Hacker Address Moves $6.5M Stolen Crypto To Tornado

Scottish Prosecutors Seize and Convert 23.5 Bitcoin From 2020 Robbery

These 3 Altcoins Will Explode 20,000% When Trump Wins The Election Race!

Join our free newsletter for daily crypto updates!