The post Is It a Classic ‘Rektember?’ 5 Bitcoin Updates to Watch This Week appeared on BitcoinEthereumNews.com.

Analysts predict that September could be the final phase of the post-halving Bitcoin reaccumulation, with a breakout expected in October.  Multiple reports indicate that September may witness little or no gain as most traders anticipate a fall to $56k or $54k.  Bitcoin (BTC) has surged 0.72% in the last 24 hours, seeking to break out from the ongoing bearish pattern. However, overall market sentiments remain low, as the price has declined by 8% in the last seven days and 5.7% in the last 30 days.  Historically, this month is supposed to be the deadline for the completion of Bitcoin’s post-halving reaccumulation. With that, analysts have highlighted five key talking points that could facilitate the much-expected bullish reversal.  Labour Day Holiday and Federal Reserve Meeting According to analysts, the market’s future behaviour largely hinges on the aftermath of the Labour Day Holiday today, September 2, and the Federal Reserve meeting on the interest rates scheduled on September 18. Data from CME Group’s FedWatch Tool estimates that the meeting’s outcome could be a minimal rate cut of 0.25%.  The US unemployment numbers this week are also expected to affect the market movement, as confirmed by trading resource The Kobeissi Letter.  We expect elevated volatility and great trading conditions with a focus on August jobs data. Bitcoin (BTC) Technical Indicators According to popular crypto analyst Skew, sellers have dominated the market, rendering buyers powerless and characterizing the low-timeframe market conditions. Supporting his thesis, the analyst shared a chart to confirm a lack of interest in the derivative market at the current price.  Coinglass data also shows a bulk of bid support concentrating on $56,750. Most traders anticipate another fall into the local lows, including $56,000 and $54,000. In case of a bounce back, analysts expect the asset to hit $60k and proceed to…

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Filed under: News - @ September 2, 2024 11:06 pm