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Cryptocurrency News Articles
Bitcoin (BTC) Price Action Teases Best-Ever September as Anticipation Builds Into the Weekly and Monthly Close
Sep 29, 2024 at 11:23 pm
BTC price strength teases best-ever September. Data from Cointelegraph Markets Pro and TradingView showed what one popular trader called “usual weekend price action” characterizing BTC/USD.
Bitcoin (BTC) preserved a key $65,000 support level on Sept. 29 as anticipation built into the weekly and monthly close.
BTC price strength teases best-ever September
BTC/USD 1-hour chart. Source: TradingView
After setting fresh two-month highs of $66,500 two days prior, Bitcoin consolidated with little more than 24 hours left until the end of September.
“So far, price didn't deviate more than 1% above or below the Friday Close price,” Daan Crypto Trades wrote in part of his latest X analysis.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Data from monitoring resource CoinGlass confirmed 11% BTC price gains month-to-date at the time of writing, potentially making 2024 the most successful month of September on record.
“If the monthly candle can close like this, it's the first engulfing green candle we’ve seen in a year and arguably, the most bullish one we've seen in 2024,” Daan Crypto Trades continued on the topic.
BTC/USDT 1-month chart. Source: Daan Crypto Trades/X
Popular trader and analyst Rekt Capital added that on monthly timeframes, “this month’s BTC price action is engulfing the past two month’s-worth of downside.”
Flagging US dollar boosts Bitcoin, crypto bull case
Bitcoin appeared unfazed by geopolitical uncertainty centered on the Middle East, while U.S. dollar strength headed lower.
On Sept. 27, the U.S. dollar index (DXY) hit its lowest levels in over a year, almost reaching the psychologically significant 100 mark.
“A major breakout of the Dollar Index multi-year support is happening on the monthly,” investor and analyst Titan of Crypto commented on X at the weekend.
As Cointelegraph reported last week, Titan of Crypto gave $85,000 as an “intermediate” BTC price target.
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