Bitcoin bounced back in the final moments on September 3rd, trading near $59,000 after posting a daily gain of 3.2%.
BTC/USD 1-day chart. Source: TradingView
BTC Price: First Week in the ‘Green’ Could Be September’s Outlier
Bitcoin (BTC) price action has been positive ahead of the first U.S. trading session of the week, according to data provided by Cointelegraph Markets Pro and TradingView.
The weakness at the monthly and weekly closes was short-lived, with BTC/USD surging to a high of $59,800 overnight despite the US market closure.
Popular trader Skew summarized his latest analysis on X’s 4-hour chart: “Constructive close and confirmation, looking pretty good right now.”
BTC/USDT 4-hour chart. Source: Skew
Skew noted that price needs to meet several prerequisites to confirm a continuation of the uptrend, one of which is a reading above 50 on the 4-hour Relative Strength Index (RSI), which at the time of writing stands at 48.9.
“Going forward, we would like to see manual buyers buying the monthly open price on a pullback,” he added.
BTC/USD 4-hour chart with RSI data. Source: TradingView
Starting off in classic style, the traditionally “red” September is now starting to look more interesting to market participants.
Therefore, fellow trader Daan Crypto Trades believes that the coming month is likely to be mixed.
“So the consensus is: September is bad, Q4 is good. What if September is crazy good, and Q4 is a bigger cut or drain? That would be pretty typical for this cycle,” part of the X post reads.
In further analysis, he admitted that “even in bad months, the first week was usually green”.
BTC/USD 1-week chart. Source: Daan Crypto Trades
Others showed standard patterns of behavior, but thought that positive results were imminent.
“It’s a stagnant market, the last stage before the party begins,” added Michael van de Poppe, founder and CEO of trading firm MNTrading.
“On the $BTC price action: The market needs to break above $61K to regain momentum, otherwise the downtrend will continue for the time being.”
Here is the BTC/USDT 1-day chart. Source: Michaël van de Poppe/X
Bitcoin, Gold Face Familiar Challenges
Trading firm QCP Capital warned in a recent market bulletin to subscribers of its Telegram channel that gold, which hit an all-time high in August, could fall along with cryptocurrencies.
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This trend could continue until October, when historically it is much stronger.
“September is generally a down month across all asset classes, not just cryptocurrencies (bonds have declined in September eight of the last 10 years, and gold has declined every year since 2017),” the report said.
“However, October shows the strongest bullish seasonality, with BTC posting positive returns and up 22.9% on average in eight of the last nine Octobers.”
QCP concluded that “if this pattern reappears this year, it would be strategic to buy during the September dip and take profits in October or at the end of the year.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.