Will Bitcoin continue its Bull run in September? BTC Price action hints at a Gloomy September! – Coinpedia – Fintech & Cryptocurreny News Media
After a mixed week for the majors in the week ending August 29th, Bitcoin and the broader crypto market have had a gloomy morning.
The market capitalization of all cryptocurrencies fell 0.15 percent to $2.07 trillion. Apart from Bitcoin, all other cryptocurrency prices are still in the red, indicating a global sell-off.
Bitcoin experienced a strong recovery from its previous low of $28,800 in June, surging nearly 75 per cent to a high of $50,505.
The support levels of $47,200 and $47,000 have been held by Bitcoin’s price. BTC could begin a greater rise if it breaks through the $49,000 barrier level. It is currently stabilising near $48,000, with a near-term resistance level of $48,500.
On the plus side, an early resistance level is near $48,500. Near $49,000, the first substantial resistance is found, followed by $49,200. The price must settle above the $50,000 barrier level to begin a new rally.
It has a score of 58.40 on the relative strength index comfortably below the overbought zone and allowing a cushion for buyers to push the price beyond $50,000.
Bitcoin has entered the volatility squeeze zone, according to John Wick’s HTF indicator. The market has seen a change in trend the last four times this has happened.
September is a month that Bitcoin despises in every way.” Michaal van de Poppe, a Cointelegraph contributor, made a comment this week.
“Are we going to repeat and have a corrective month throughout markets, earlier than the continuation of the bull cycle?”