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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis: Bulls Aim to Reclaim $65,000 as Gold (XAU/USD) Eyes $3,000
Sep 25, 2024 at 05:07 am
BTC has defied bearish seasonality with a 22% rally from a low near $52,500, keeping traders focused on a potential break above $65,000
Precious metals continued to shine on Tuesday as spot gold hit a new record high, while equities and crypto assets saw mixed performance amid news of China’s broad stimulus package.
Data provided by TradingView shows that Bitcoin hovered around $63,200 on Tuesday, with resistance at $64,000 continuing to pose a challenge for bulls.
BTC/USD Chart by TradingView
According to Secure Digital Markets analysts, Bitcoin has remained in a trading range for over 125 days, yet September has brought unexpected strength.
“BTC has defied bearish seasonality with a 22% rally from a low near $52,500, keeping traders focused on a potential break above $65,000,” the analysts said.
“Such a move would reestablish bullish sentiment by surpassing previous highs.”
At the time of writing, Bitcoin trades at $64,275, an increase of 1.41% on the 24-hour chart.
Bitcoin saw a bullish turnaround in September after initially falling below $53,000 during the first week of the month.
“We got off to a rocky start in September, very much in line with the historical trend, before things turned around in a big way the other week,” said Joel Kruger, market strategist at LMAX Group, in a note to Kitco Crypto.
“As a reminder, September is the worst month for crypto, with Bitcoin down nearly 5% on an average return basis from 2013 to 2023.”
“But as we come into the final days of the month, we’re staring at month-to-date Bitcoin performance of 7.25%,” he noted.
“Ether has followed along, producing month-to-date returns of 4.90%. A lot of the move has been driven on positive momentum from the Fed decision in which the central bank slashed rates by 50-basis points.”
“As highlighted on Monday, the Fed move has been extremely bullish for crypto assets as it has made the US Dollar less attractive, invited upside pressure on inflation (making limited supply deflationary crypto assets more attractive), all while inspiring an uptick in overall investor risk appetite,” Kruger said.
“We’ve since seen a return of ETF inflows, which has extended to the ETH ETFs as well in recent days. We’ve also seen a continued push higher in the stablecoin market, a positive reflection on demand for the asset class.”
From a technical perspective, Kruger noted that “initial resistance for Bitcoin comes in at $65,000” and said, “We will need to see a clear break of this psychological barrier to open the next wave of upside momentum towards a retest and break of the record high.”
Bulls are widely expected to easily clear $65,000 in the months ahead, especially if Bitcoin sees a positive close to September, as history shows it has a strong showing during the fourth quarter in years where it makes gains in September.
“October and November are far and away the best months for crypto asset performance, so the market should be looking forward to making the transition into Q4,” Kruger concluded.
And with gold’s continued ascent to new record highs, TradingView analyst Arman Shaban said recent developments could soon see the yellow metal surpass $3,000.
“By analyzing the #gold chart on the 2-hour timeframe, we can see that the price has risen to $2640, marking a new high,” he wrote in an update on Tuesday.
“These days, we are witnessing gold setting new all-time highs daily, and many analysts, including myself, expect that if the downward trend in interest rates and the conflict between Israel and Hezbollah in Lebanon continue, we could potentially see gold rise to $3000 in the mid-term,” Shaban said.
“However, if the price closes below $2640 today and doesn't break a new high, we could expect a correction down to $2617 as the first target. Gold is currently trading around $2632.”
Altcoin uptrend continues
Bitcoin’s resilience has helped encourage traders to re-engage with the riskier altcoin market, with a majority of tokens in the top 200 recording gains on Tuesday.
Daily cryptocurrency market performance. Source: Coin360
Echelon Prime (PRIME) was the biggest gainer, increasing 21.3%, followed by a 14.9% rally for dogwifhat (WIF) and a 12.4% spike for Altlayer (ALT). Aave (AAVE) was the biggest loser, falling 6.6%, while Catizen (CATI) lost 6.6%, and MX Token (MX
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