Bitcoin’s September Slump: Can History Repeat with an October Surge?
The post Bitcoin’s September Slump: Can History Repeat with an October Surge? appeared on BitcoinEthereumNews.com.
Historical data shows Bitcoin’s 7% September drop often precedes significant October rallies, up to 47%. Bitcoin is currently down 9% in September, with key support levels at $53,800 and $54,000. Despite market uncertainty, Bitcoin holders show long-term confidence with 75% in profit and rising transaction activity. Crypto analyst Rekt Capital highlights Bitcoin’s (BTC) past rebounds following September declines. In September 2017, Bitcoin dipped 7%, only to skyrocket 47% in October. Similarly, in September 2020, a 7% dip preceded a 27% October rally. Even in 2021, a 7% pullback paved the way for a 39% surge the following month. This September, Bitcoin is down 9%, raising questions about its potential path forward. #BTC When Bitcoin retraced -7% in September in 2017… Bitcoin rallied +47% in the following October When BTC retraced -7% in September in 2020… BTC rallied +27% in the following October When BTC retraced -7% in September in 2021… BTC rallied +39% in the following… https://t.co/sBgeS2Lafi pic.twitter.com/5N3T9wwatG — Rekt Capital (@rektcapital) September 6, 2024 Bitcoin is trading at $53,678.00, with a 24-hour trading volume of $48.79 billion. Over the past 24 hours, Bitcoin has decreased by 4.29%. The market capitalization is at $1.06 trillion, with a circulating supply of 19,750,603 BTC and a maximum supply of 21,000,000 BTC. Key Support Levels and Market Signals Bitcoin’s chart reveals significant support levels. The primary one sits around $53,800, where the price has recently found footing after a decline. Another potential support zone is near $54,000, though this level recently failed to hold. Source: CoinMarketCap The $55,000 level also struggled to provide support, indicating continued selling pressure. As a result, $53,800 is considered a crucial support level. A drop below this could signal further downward movement. Gold futures have dipped, while the U.S. Dollar Index has ticked slightly higher, pointing to a…
Filed under: News - @ September 7, 2024 11:23 am