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Bitcoin (BTC), the largest cryptocurrency by market capitalization, led the market to recover with its rise to $63,000. Following recent developments, the performance of the prominent cryptocurrency saw an 8% weekly increase, propelling BTC to one of its best September performances since its creation.
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Bitcoin Registers Sixth Daily Green Candlestick
In the first week of the month, Bitcoin saw its price struggle to stay above the $55,000 mark, dropping to the $52,000 support area and raising alarms for investors. The rest of the sector followed BTC’s lead, down 12% from a market capitalization of 1.81 trillion earlier this month.
Since then, the market has seen significant growth, largely fueled by the US Federal Reserve’s (Fed) rate cuts. After the Fed announcement, the sector returned 5%, continuing its rise throughout the weekend.
Thanks to the positive market conditions, crypto investment products ended the week with an income of 321 million dollars, the second positive weekly flow in a row. Inflows were led by Bitcoin-based products, which registered $284 million last week, according to a CoinShares report.
BTC, also motivated by Kamala Harris’s recent acknowledgment of the crypto industry, gained 20% from the monthly low of September 6. The rebound pushed the price of the cryptocurrency to the resistance level of $64,000, which was last held last month.
After failing to recover the main resistance level, Bitcoin price has been hovering between the $63,000-$63,900 range throughout Monday morning, registering six green candles every day since September 17th.
Will BTC See Four Green Months In A Row?
BTC’s recent price action has translated into green numbers in the month-to-date (MTD) timeframe, making September a green month for the cryptocurrency. Coinglass data reveals that the flagship crypto shows a MTD of 7.94% return.
This performance was noted by some market watchers, who suggested that Bitcoin is on track to register its best September to date. In the X post, Crypto Jelle emphasized that BTC is “currently on track for the strongest September performance in its history” after its current MTD retracement surpassed that of September 2016.
For the analyst, the flagship cryptocurrency is preparing for a “promising” performance in the next quarter. Jelle also pointed out that BTC only closed September in the green numbers three times.
However, since this has happened, the monthly return of the cryptocurrency has been closed in the green for four straight months. This suggests that Bitcoin may be on the verge of a major Q4 bull run.
Close this month in green, and chances are high that October, November and December will also close in green.
He pointed out that this week will be a “decision moment” for the flagship cryptocurrency, as higher highs “can be reached by the arm.” A push above the $65,000 resistance level will “turn the tide” and see BTC move to levels not seen since early August.
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The cryptocurrency’s chart shows a “large downward expanding wedge,” which has the potential to hit $90,000 after the breakout. Finally, the analyst considers that Bitcoin will not trade within this pattern for a long time.
As of this writing, the flagship is trading at $63,700, up 1.7% and 10% on the daily and weekly periods.
Featured image from Unsplash.com, Chart from TradingView.com