Bitcoin price shows 11% monthly gain as DXY threatens ‘major’ fall
Bitcoin (BTC) built on its weekly and monthly close as it held the key $65,000 support on September 29.
BTC/USD 1-Hour Chart. Source: TradingView
BTC's price strength hits its best in September
Data from Cointelegraph Markets Pro and TradingView revealed what one prominent trader called “typical weekend price action” distinguishing BTC/USD.
Bitcoin rallied just over 24 hours before the end of September, setting a new two-month high of $66,500 two days ago.
“So far, the price hasn't changed more than 1% or less from Friday's closing price,” Diane CryptoTrades wrote in part of its latest X analysis.
“We expect some more volatility later and of course when futures open tonight.”
BTC/USD Monthly Returns (Snapshot). Source: CoinGlass
Data from wealth tracker CoinGlass has confirmed that BTC has gained 11% month-to-date at the time of writing, making September 2024 the most successful month on record.
“If the monthly candle can close this way, it's the first overwhelming green candle we've seen in a year, and arguably the scariest we've seen in 2024,” continued Diane CryptoTrades on the topic.
“The important thing now is for the bulls to keep the momentum going and see if they follow through in Q4.”
BTC/USDT 1-Month Chart. Source: Daan Crypto Trades/X
“This month's BTC price action is swallowing up the price declines of the past two months,” noted trader and analyst Rect Capital added in monthly charts.
US dollar withdrawal increases Bitcoin, crypto bull case
Meanwhile, Bitcoin appeared unfazed by geopolitical unrest centered on the Middle East, while the strength of the US dollar eased.
Related: Bitcoin retail is back on the cards as Coinbase hits top-400 apps
On September 27, the US Dollar Index (DXY) hit a more than one-year low, reaching the psychologically important 100 mark.
“The multi-year support of the dollar index is a big divergence on a monthly time frame,” said investor and analyst Titan of Crypto at the end of the week X.
“This is very important. As you know, the dollar index and risk assets like BTC are inversely related. Crypto is ready to fly soon!”
US Dollar Index (DXY) one month chart. Source: Titan of Crypto/X
According to Cointelegraph, last week, the titan of crypto gave a BTC price of $85,000 as a “medium”.
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.
