bullish

Bitcoin

when

Some Bitcoin traders seem to be brushing off concerns of the usual September dump, even though history suggests otherwise, pointing to the macro environment as a strong enough factor to challenge the ongoing narrative.
“Although September is historically a negative month for BTC, the combination of a FED rate cut and a relatively robust US economy could surprise the bears,” Tyr Capital chief investment officer Ed Hindi told Cointelegraph.
“We believe the chances of BTC settling above USD 60K to be higher than the chances of it settling below it,” Hindi added.&nbsp;
At the time of publication, Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) is trading at $56,633, having remained below $60,000 since Aug. 30, according to CoinMarketCap <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a>.&nbsp;
<figure><img alt="Bitcoin traders brush off September blues, say closing price may ‘surprise the bears’" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c5dd-c9d8-7647-bf88-85c7e2602993">
 <figcaption style="text-align: center;">
 Bitcoin is down 0.85% over the past 30 days. Source: CoinMarketCap
 </figcaption>
</figure>
Although future traders do not anticipate a near-term move back up $60,000. Bitcoin revisiting $60,000 will erase over $584 million in short positions, as <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/dashboard/bitcoin" rel="noopener noreferrer nofollow" target="null" text="null" title="null">per</a> CoinGlass.
Meanwhile, crypto trader Daan Crypto Trades told Cointelegraph that “in September, the average return is about -4%. Considering Bitcoin’s volatility, that's not as bad as people perceive it to be.”
CoinGlass data reveals that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-drops-8-6-august-september-2-week-low" rel="noopener noreferrer nofollow" target="null" text="null" title="null">September is the worst month</a> for average Bitcoin losses at 4.49%.
<figure><img alt="Bitcoin traders brush off September blues, say closing price may ‘surprise the bears’" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191c5df-b423-7933-9704-61343a7de59f">
 <figcaption style="text-align: center;">
 September has had the most Bitcoin red months since 2013. Source: CoinGlass
 </figcaption>
</figure>
Daan Crypto Trades explained that in the near-term he is watching Bitcoin’s longer-term price chart for a “higher high and higher low,” which is a bullish signal that indicates that buyers are dominating the market over sellers.&nbsp;
“I’m mostly watching for price to flip it’s market structure to bullish,” he explained.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-correction-crypto-market-drop-54k" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Total crypto market sinks below $2T as analysts eye Bitcoin reversal below $54K</a>
“For now I would want to see BTC trading back above 65K to show strength,” he added.&nbsp;
It follows shortly after crypto analyst Matthew Hyland highlighting the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-chart-analyst-higher-high-58k-btc" rel="noopener noreferrer nofollow" target="null" text="null" title="null">need for similar price </a>action after Bitcoin fell below $58,000 on Aug 30.
“We really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend that we’ve been in since August,” Hyland said in an analysis video on Aug. 30.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/whales-humpy-gaming-dao-votes-solutions/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Crypto whales like Humpy are gaming DAO votes — but there are solutions</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin traders brush off September blues, say closing price may ‘surprise the bears’

Cointelegraph

Other articles published on Sep 6, 2024

Changpeng Zhao Permanently Barred from Binance Management But Retains Power: Binance CEO

Klink Finance Welcomes New Strategic Investor: Taisu Ventures

US Economic Data Influences Bitcoin Market

Ethereum’s Post-Merge Blues: 44% Behind Bitcoin, More Pain Ahead?

New Cryptocurrency Releases, Listings, & Presales Today – Soil, TOMCoin, DedaCoin

Penpie DeFi Protocol Hacked, $27M in Crypto Stolen

Join our free newsletter for daily crypto updates!