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bitcoin (btc), the largest cryptocurrency by market capitalization, has led the market rally with its surge to the $63,000 mark. Following recent developments, the flagship cryptocurrency’s performance has seen an 8% weekly increase, leading btc to one of its best September performances since its inception.
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bitcoin registers its sixth daily green candle
During the first week of the month, bitcoin’s price struggled to stay above the $55,000 mark, plummeting to the $52,000 support zone and setting off alarm bells for investors. The rest of the sector followed btc’s lead, falling 12% to a market cap of $1.81 trillion earlier this month.
Since then, the market has seen significant momentum, driven mainly by the US Federal Reserve's (Fed) rate cut. Following the Fed's announcement, the sector rallied by 5% and continued its upward trajectory throughout the weekend.
Due to positive market sentiment, cryptocurrency investment products ended the week with $321 million in inflows, the second consecutive weekly positive net flow. Inflows were led by bitcoin-based products, which recorded $284 million last week, according to CoinShares. report.
btc, also boosted by Kamala Harris’ recent recognition of the crypto industry, rallied 20% from monthly lows on Sept. 6. The rally pushed the cryptocurrency’s price towards the $64,000 resistance level, which it last held a month ago.
After failing to reclaim the key resistance level, the bitcoin price has been hovering between $63,000 and $63,900 throughout Monday morning, registering six green daily candles since September 17.
Will btc see four green months in a row?
btc’s recent price action has translated into green numbers on the month-to-date (MTD) timeframe, making September a green month for the cryptocurrency. Data from Coinglass reveals that the flagship cryptocurrency is showing a 7.94% MTD return.
This performance was noted by some market observers, who x.com/CryptoJelleNL/status/1838119851321086048″ target=”_blank” rel=”nofollow”>suggest that bitcoin is on track to record its best September yet. In a post on x, crypto Jelle highlighted that btc “is currently on track to achieve the best September performance in its history” after its current MTD performance surpassed that of September 2016.
For the analyst, the flagship cryptocurrency is gearing up for a “promising” performance next quarter. Jelle also noted that btc has only closed September in the green three times.
However, the times this has happened, the cryptocurrency’s monthly returns have closed in the green for four consecutive months. This suggests that bitcoin may be on the verge of a massive bull run for the fourth quarter.
This month closes in the green and there is a high probability that October, November and December will also close in the green.
He noted that this week will be “decision time” for the flagship cryptocurrency as a higher high is “within reach.” A push above the $65,000 resistance level would “change the narrative” and see btc move to levels not seen since early August.
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The cryptocurrency's chart shows a “massive descending wedge,” which has the potential to reach $90,000 after a breakout. In short, the analyst x.com/CryptoJelleNL/status/1838130499182551097″ target=”_blank” rel=”nofollow”>consider that bitcoin will not trade within this pattern for much longer.
At the time of writing, the flagship is trading at $63,700, up 1.7% and 10% on both the daily and weekly time frames.
Featured image from Unsplash.com, chart from TradingView.com
