Bitcoin approached $59,000 on September 3 after a strong recovery that brought a 3.2% daily gain, sparking discussions about whether the cryptocurrency can sustain its momentum in September.
BTC Price: First “Green” Week Could Be September’s Exception
Data shows a promising start for Bitcoin (BTC) heading into the first U.S. trading session of the week. Despite initial weakness on the monthly and weekly closes, BTC/USD surged to $59,800 overnight, even amid a holiday in U.S. markets.
Popular trader Skew, analyzing the four-hour chart on X, noted that Bitcoin price is showing positive signs but still needs to meet certain criteria to confirm an uptrend, including a four-hour relative strength index (RSI) above 50. At the time of writing, the RSI was at 48.9. Skew emphasized the importance of passive buyers stepping in on pullbacks to support the price.
As Bitcoin starts September on a strong note, some traders are speculating that the traditionally “red” month could surprise with positive momentum. Daan Crypto Trades has looked at the possibility of an unusually strong September, suggesting it could be a precursor to a more volatile fourth quarter.
In a deeper analysis, Daan acknowledged that even in historically weak months, Bitcoin typically has a green first week. Others, like Michaël van de Poppe, founder and CEO of MNTrading, see the current market as a typical calm before a potential rally, but he stressed that Bitcoin would need to break above $61,000 to regain momentum.
Bitcoin, Gold Face Familiar Challenges
In its latest market newsletter, trading firm QCP Capital warned that gold, which hit a new record high in August, could face downward pressure along with cryptocurrencies. The firm said that this trend could continue into October, a month historically associated with stronger performance across a variety of asset classes.
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