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Bitcoin Bulls Stay Strong with ‘Rektember’ Rally as BTC Eyes Record Gains

Bitcoin Bulls Stay Strong with ‘Rektember’ Rally as BTC Eyes Record Gains

CoinotagCoinotag2024/09/29 16:00
By:Jocelyn Blake
  • Bitcoin remains bullish as volatility decreases ahead of the September close.
  • Weekly close sees Bitcoin holding most of its recently recovered support.
  • Fed Chair Jerome Powell’s upcoming speech could impact market movements significantly.

Discover the latest in Bitcoin’s bullish momentum as September comes to an end, with potential impacts from key Federal Reserve announcements.

$64K Support Retest Fails to Dent Bitcoin Bulls’ Confidence

Despite a recent sell-off into the weekly close, Bitcoin continued to preserve the bulk of its support in the mid-$64,000 range. Data from COINOTAG Markets Pro and TradingView displayed a local low of $64,198 on Bitstamp, followed by a modest rebound. Traders like CrypNuevo are optimistically eyeing new long positions as they anticipate potential volatility around the monthly close, suggesting a possible surge to $67,000 if support holds firm.

Markets Eye Powell and US Unemployment Data

All eyes are on Federal Reserve Chair Jerome Powell as he prepares to speak at the National Association for Business Economics conference. Powell’s comments could sway market predictions for the November Federal Open Market Committee (FOMC) meeting, where another 0.5% interest rate cut is currently favored. This week’s US unemployment figures could act as a catalyst for Bitcoin volatility, adding another layer of complexity to market dynamics.

Not Such a “Rektember” After All?

While Bitcoin might end its strongest September on record with approximately 9% gains, the upcoming October, often dubbed “Uptober” in crypto circles, holds even more promise. Historical data from CoinGlass shows that October usually sees an average gain of nearly 23%, potentially leading to a new all-time high for Bitcoin. Analysts like Michaël van de Poppe suggest that such gains could catalyze a significant altcoin run as well.

Coinbase Bounces Back

Retail interest in Bitcoin is resurfacing, as shown by the increasing downloads of the Coinbase app, which recently ranked among the top 400 on the Apple App Store. Research indicates that when the Coinbase app moves into the top 200, it often signals the onset of bullish market conditions. The Coinbase premium, which compares prices on Coinbase’s BTC/USD pair to Binance’s BTC/USDT, is now positive again, further highlighting renewed retail engagement.

Young Whales Show Their Colors

Onchain analytics reveal a shift in behavior among Bitcoin whales. Analysis from CryptoQuant shows that new whales, active for less than six months, are capitalizing on recent price recoveries by taking profits. In contrast, more established whales, inactive for over 155 days, appear to be holding their positions, suggesting a reduced selling pressure which could support further price recovery.

Conclusion

As Bitcoin wraps up a bullish September, key market indicators point to continued optimism heading into October. Federal Reserve policy decisions and US unemployment data will play critical roles in shaping the near-term market landscape. The renewed interest from retail investors and strategic moves by new and old whales alike suggest that Bitcoin’s upward momentum might be far from over. Investors should stay informed and cautious, as market volatility can shift tides quickly.

In Case You Missed It: Investor Skepticism Clouds Bitcoin (BTC) Rally Despite Recent Gains
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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