Bitcoin traders are celebrating “good news” as the price of Bitcoin (BTC) surged above $57,000 on September 9, following a weekly close above a key support level. The price increase of roughly 8.3% from the week’s low of $52,546 has many traders wondering if the bottom is in for BTC.
Popular trader and analyst Rekt Capital explained that Bitcoin’s weekly close above $53,250 is “good news” as it protects the bottom of the bargain-buying area. To build on this momentum, Bitcoin needs to reclaim $55,881 as support and try to reclaim the bottom of the black channel.
Historically, September has not been a kind month to risk assets, including Bitcoin. However, Rekt Capital believes that the last quarter of 2024 is likely to see the price of Bitcoin rise higher. “You just need to survive September,” he said.
According to Swissblock Insights, September has historically seen a contraction primarily because it is a time when summer gains are taken, and many companies set new objectives for the year’s final quarter. The analysts said that the Bitcoin risk index is at 99.62, “levels similar to those seen in mid-August,” following Bitcoin’s drop below $50,000.
The latest live data from monitoring resource CoinGlass showed Bitcoin bulls cutting through ask orders between $55,000 and $56,700. At the time of publication, the level at $57,000 drew the most liquidity to the upside, totaling $38.85 million.
Monday night saw a spike in Bitcoin, over $57,000 following Wall Street’s recovery from the worst week of the year. Bitcoin had its worst weekly performance since August 2023 last week, falling 9%. Like other risky assets, bitcoin has historically performed poorly in September.
Analysts have warned that cryptocurrency lacks major catalysts at the moment and that in their absence, prices are likely to be sensitive to macro factors, including seasonality, and continue to consolidate.
