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Bitcoin saw a daily gain of 3.2% and traded close to $59,000 on September 3rd after a last-minute recovery. Data from TradingView shows that Bitcoin’s price movements were promising before the first U.S. trading session of the week. Despite the weakness around the monthly and weekly close, the BTC/USD pair rose to $59,800 overnight, even with the U.S. market holiday.
What to Expect for Bitcoin?
Popular investor Skew, in his latest analysis shared on X, explained that constructive closes and confirmations currently look quite good. Skew mentioned that the price needs to complete various prerequisites to confirm an upward continuation, including a reading above 50 in the four-hour relative strength index (RSI). At the time of writing, the RSI level was 48.9.
September, which started in a classic style and is traditionally defined as a selling month, has started to become more interesting to market participants. Popular analyst Daan Crypto Trades evaluated the possibility of the upcoming month being mixed and noted that even in bad months, the first week mostly closed green.
Other analysts saw standard behavior patterns with a bullish outcome waiting in the wings. Michael van de Poppe, founder and CEO of MNTrading, shared the following statements on the subject:
“A boring market is usually the last stage before the party starts. Regarding the price movement of Bitcoin, you really need to break above $61,000 to regain momentum in the markets; otherwise, we will continue this bearish trend for a while longer.”
Trade Company’s September Statement
In its latest market bulletin, trading company QCP Capital warned that gold, which hit a new record in August, could signal a downtrend for cryptocurrencies. This process could historically continue until October, which is typically a much more bullish month:
“September is typically a downtrend month not only for cryptocurrencies but for all asset classes (bonds have been down in 8 of the last 10 Septembers, and gold has been down every year since 2017). However, October has the strongest bullish seasonality for Bitcoin, showing positive returns in 8 of the last 9 Octobers with an average gain of 22.9%.”
