Can Bitcoin Get a Green Monthly Close Above $64.3K?
If it manages to close in the green in August, Bitcoin's summer break could finally end on a bullish note.
To close August in the green, Bitcoin (BTC) price needs a monthly close above $64,300, which would require a rally of more than 7% from its current level of $59,960.
While the closing of the monthly candlestick is difficult to predict, Bitfinex analysts told Cointelegraph that recent Bitcoin price action is a positive sign.
“Bitcoin's recent recapture of key levels such as $64,000 and $61,500 are bearish signs… The current market is still volatile, and we have persistently low volume volatility. The current low action is a reflection of the perps and long positions that entered the market ahead of the Jackson Hole conference.”
BTC/USD, 1-month chart. Source: Cointelegraph
Bitcoin price has been struggling to trade above the $60,000 psychological mark. According to Cointelegraph data, the world's first cryptocurrency has fallen more than 12% on the monthly chart.
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Bitcoin will struggle to overcome the $63,900 resistance
Analysts warned that the summer's lack of liquidity could continue into September, bringing low volatility.
Thus, Bitcoin will struggle to overcome the $63,900 resistance, according to Bitfinex Analysts, who added:
“Price is a reflection of historical market transactions, we need to look under the hood. Price has increased to the short-term holder (STH) price around $63,900.”
BTC/USD, 1-day chart, 900 resistance. Source: TradingView
Bitcoin's average return in September was negative -4.78% since 2013, according to analysts.
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Low interest rates could trigger a Bitcoin bull market in early 2025: Nexo
Bitcoin prices remain in the $58,000 to $64,000 range amid the summer slump.
However, a period of low interest rates can trigger a parabolic run of Bitcoin, according to Christian Hapalampiev, leading structured products Nexo.
He told Cointelegraph.
“If interest rates need to be cut to create a strong tailback for BTC, the bull market may be taking a breather now before strong growth returns in mid-2025.”
Investors are expecting an interest rate cut from the Federal Reserve at its next meeting on September 18.
Chances of an interest rate cut. Source: CME FedWatch
According to the latest data from CME's FedWatch tool, the odds of a 25 basis-point rate cut are currently at 65.5%, while the odds of a 50 basis-point rate cut are 34.5%.
Why America Should Buy Bitcoin | RFK Jr. Interview. Source: YouTube
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