Bitcoin (BTC) held on to the key $65,000 support on September 29th on expectations of a weekly and monthly close.
BTC/USD 1-hour chart. Source: TradingView
BTC price strong, best September ever recorded
Data from Cointelegraph Markets Pro and TradingView shows what one popular trader calls “typical weekend price action” that characterizes BTC/USD.
Bitcoin, which hit a two-month high of $66,500 two days ago, has consolidated with less than 24 hours left until the end of September.
“So far the price has not deviated more than 1% above or below Friday’s close,” Daan Crypto Trades wrote in part of its recent X analysis.
“We expect more volatility later today and of course when futures reopen tonight.”
BTC/USD monthly returns (screenshot). Source: Coinglass
According to data from monitoring resource CoinGlass, as of this writing, the BTC price is up 11% month over month, potentially making 2024 the most successful September on record.
“If the monthly candle can close like this, it would be the first green candle in over a year and is arguably the most bullish candle we have seen in 2024,” Daan Crypto Trades continued on this topic.
“The question now is whether the uptick can continue to maintain momentum and actually follow through in the fourth quarter.”
This is the BTC/USDT 1-month chart. Source: Daan Crypto Trades/X
“BTC price action this month is sweeping away the decline of the past two months,” popular trader and analyst Rekt Capital added about the monthly timeframe.
Bitcoin rises in US dollar, a strong example of cryptocurrency
Meanwhile, Bitcoin appeared unfazed by geopolitical uncertainty centered on the Middle East, and the strength of the US dollar declined.
relevant: Bitcoin retail is back in the cards as Coinbase cracks the top 400 apps.
On September 27, the US Dollar Index (DXY) hit its lowest point in over a year, almost reaching the psychologically significant 100 mark.
Crypto investor and analyst Titan said of
“This is very important. As you know, the dollar index and risky assets like BTC are inversely correlated. Cryptocurrency is ready to take flight!”
This is a 1-month chart of the US Dollar Index (DXY). Source: Titans of Crypto/X
As Cointelegraph reported, last week the cryptocurrency titan set a “medium” BTC price target of $85,000.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.