Bitcoin Set For Biggest September Gains In A Decade: Here’s Why
28 Setembro 2024 - 3:30AM
NEWSBTC
Bitcoin (BTC) looks poised to record its best September in a
decade, surging past $65,000. This uncharacteristic price
appreciation could be attributed to several key factors. Reasons
Behind Bitcoin’s Impressive September Gains Historically, September
has consistently been the worst month for BTC in terms of price
performance. However, the apex cryptocurrency is now on track to
post its best September in at least a decade, driven by several
macroeconomic developments. Related Reading: Bitcoin Could Top At
$400,000 Based On This Model, Analyst Says On September 18, the US
Federal Reserve (Fed) initiated its interest rate cut cycle for the
first time in four years, slashing rates by 50 basis points (bps)
in response to slowing inflation and rising unemployment. The
rate cut immediately impacted risk-on assets, including BTC, which
has appreciated by over 10% since the cut. In comparison, Bitcoin’s
average price decline in September over the past decade has been
3.45%, according to the chart below from CoinGlass. According to
the Fed’s decision, the European Central Bank (ECB) and the
People’s Bank of China (PBoC) lowered borrowing costs to stimulate
their respective economies. This further propelled BTC’s price
towards its previous highs. Bitcoin halving is another key factor
that could now be starting to show its effect on the digital
asset’s price action. Bitcoin underwent its halving earlier this
year in April, reducing block confirmation rewards for miners from
6.25 BTC to 3.125 BTC. Past data indicates that halving has
typically been a bullish trigger for Bitcoin due to the resulting
supply scarcity. For instance, in May 2020, BTC price rose from
roughly $8,900 before the halving to more than $64,000 by April
2021 – an 8x price surge in less than a year. Meanwhile, US spot
Bitcoin exchange-traded funds (ETFs) continue to witness rising
interest from retail and institutional investors alike, as they
recorded $365.57 million in total net daily inflows on September
26, the largest since late July. Since their launch, the cumulative
net inflow for Bitcoin ETFs now totals $18.31 billion. Cautious
Optimism Key To Riding The BTC Wave While BTC appears to have
shaken off its typical September slump, it’s worth highlighting
that the leading digital asset still needs to overcome certain
important price levels before hitting a new all-time-high (ATH).
Related Reading: Here Is Why The Bitcoin Bull Run Hasn’t Started,
According To Analyst As previously reported, Bitcoin’s relative
strength index (RSI) fell below 80 on the monthly chart, signaling
that the cryptocurrency’s bullish momentum might fade after an
enthusiastic buying spree. In addition, a recent report by crypto
exchange Bitfinex noted that despite Bitcoin’s recent upward
movement, it must decisively overcome a strong resistance level of
$65,200 to continue its positive momentum. The good news for bulls
is that BTC is holding steady at $65,674, up 2% in the last 24
hours. Featured image from Unsplash, Charts from CoinGlass.com and
Tradingview.com
Flow (COIN:FLOWUSD)
Gráfico Histórico do Ativo
De Out 2024 até Out 2024
Flow (COIN:FLOWUSD)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024