bullish

Bitcoin

when

Some Bitcoin traders seem to be brushing off concerns about the usual September dump, even though history suggests otherwise, and the macro environment could be a strong enough factor to challenge the ongoing narrative.
“Although September is historically a negative month for BTC, the combination of a Fed [United States Federal Reserve] 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 $60,000 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, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://coinmarketcap.com/currencies/bitcoin/">according</a> to CoinMarketCap data.&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 to $60,000. Bitcoin revisiting $60,000 will erase over $584 million in short positions, <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/dashboard/bitcoin" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.coinglass.com/pro/dashboard/bitcoin">according</a> to CoinGlass data.
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 shows 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 Bitcoin, with the asset posting an average monthly loss of 4.49% over the last 11 years.
<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 said he’d be watching Bitcoin’s longer-term price chart for a “higher high and higher low,” a bullish signal indicating buyers dominating the market over sellers.&nbsp;
“I’m mostly watching for price to flip its 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 $65,000 to show strength,” he added.&nbsp;
It follows shortly after crypto analyst Matthew Hyland highlighted 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

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