Will BTC Price Defy September Downtrend? Here’s The Next Levels To Watch
The post Will BTC Price Defy September Downtrend? Here’s The Next Levels To Watch appeared on BitcoinEthereumNews.com.
The BTC price kicked off the week with a highly volatile scenario, hovering around $58,500 in early US hours today. Historically, September has been a tough month for the crypto, with eight out of eleven years since 2013 showing negative returns. However, recent market signals hint at a potential reversal of this trend. So, can Bitcoin finally break its September downtrend and surge ahead this month? Below, we explore the key levels to watch next for the flagship crypto. Can BTC Price Break September’s Bearish Trend? September has proven to be a challenging month for the crypto, with Bitcoin historical data showing that the crypto is often characterized by declining prices. According to CoinGlass data, the crypto has shown only three positive returns since 2013, i.e. 2015, 2016, and 2023, with all other years showing significant drops. Source: CoinGlass However, despite this bearish historical backdrop, some latest market trends suggest a potential shift in momentum. On-Chain Data Indicates A Reversal Trend For Bitcoin A report from on-chain analytics firm Santiment highlights promising signs of growth in the crypto market, even as traditional markets pause. The report notes “Bitcoin is showing signs of growth without relying on equities, signaling sector strength”. This decoupling from traditional financial markets could prove crucial for BTC price, particularly if equities remain subdued. In addition, CryptoQuant’s latest analysis points to the crypto’s short-term Sharpe ratio resembling levels seen in September-October 2023, indicating a possible turnaround. Meanwhile, a dip in the Sharpe ratio could signal an upcoming recovery phase for those with a bullish outlook, while bearish traders may view it as a precursor to continued volatility. These mixed interpretations add to the speculation that BTC might defy its usual September slump. Source: CryptoQuant, X US Fed Rate Cut To Boost Sentiment The highest crypto by market…
Filed under: News - @ September 2, 2024 10:24 pm