Bitcoin price is close to $60k, but traders still see bearishness in September.
Bitcoin traded around $59,000 on September 3 after a last-minute pullback that gave it a 3.2% daily gain.
BTC/USD 1-day chart. Source: TradingView
BTC Price: “Green” The first week may be over September
Data from Cointelegraph Markets Pro and TradingView showed promising Bitcoin (BTC) price action ahead of the first US trading session of the week.
Despite the US market holiday, BTC/USD rose to $59,800 overnight.
“Constructive closes and confirmations, looks pretty good right now,” noted trader Skew in his latest analysis of the four-hour chart on X.
BTC/USDT 4-Hour Chart. Source: Skew
It refers to the price needed to meet various conditions to confirm an uptrend, among them a reading on the four-hour Relative Strength Index (RSI) above 50. At the time of writing this was at 48.9.
“Going forward he wants to see what is bought by the monthly open buyers with pullbacks,” he added.
BTC/USD 4-hour chart with RSI data. Source: TradingView
After starting with the classic style, the traditionally “red” September is now starting to look more interesting to market participants.
Affiliate trader Daan Crypto Trades therefore considers the possibilities of the mixed month ahead.
“So the consensus is: September bad, Q4 good. What if: If September goes really well, Q4 bleeds more cuts. Now that's pretty normal for this cycle,” X's post read.
On further analysis, however, he said, “Even with the bad months, the first week was green.”
BTC/USD 1-week chart. Source: Daan Crypto Trades
Others saw regular patterns of behavior, although high scores were waiting in the wings.
“A bull market, which is usually the last step before the party starts,” continues Michael van de Pop, founder and CEO of trading firm MNTrading.
“Regarding the price action on $BTC: you need to get above $61k to get the momentum back into the markets, otherwise we will continue to have this downtrend for some time.”
BTC/USDT 1-day chart. Source: Michael van de Popp/Ex
Bitcoin, gold face a familiar challenge.
In a recent market announcement posted to Telegram channel subscribers, trading firm QCP Capital warned that gold, which hit a new all-time high in August, could join crypto on its way down.
Related: The classic ‘Rektember?' 5 things to know in Bitcoin this week
This situation could last until October, which has historically been more brutal.
“September is typically not just for crypto, but for all asset classes (bonds are at their lowest on September 8 of the last 10, and gold is at an annual low since 2017),” he wrote.
“October, however, has the strongest bullish seasonality, with BTC showing positive returns and an average increase of 22.9% in the 8 of the last 9 Octobers.”
QCP concluded, “If this pattern reoccurs this year, it is strategic to stock up during the September fishing season and turn a profit in October or later in the year.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
