On September 3, Bitcoin held steady at $59,000, showing resilience with a 3.2% increase in daily gains despite earlier weaknesses.
Market Analysis
Data from Cointelegraph Markets Pro and TradingView captured the Bitcoin price action that saw a spike to highs of $59,800 overnight, despite the U.S. market holiday. Popular trader Skew reflected on the positive movement in his analysis on X, stating, 'Constructive closes & confirmations, looking pretty good now.' Skew emphasized that for continued upward momentum, certain conditions needed to be met, including a four-hour relative strength index (RSI) above 50. At the time of writing, the RSI stood at 48.9. 'Going forward, would want to see the monthly open bought by passive buyers on pullbacks,' he noted.
Seasonal Factors
September is traditionally seen as a bearish month for Bitcoin, but the strong start intrigued market participants, prompting them to reconsider their forecasts. 'So consensus is: September Bad, Q4 Good. What if: September insanely good, Q4 more chop/bleed. Now that would be pretty typical for this cycle,' speculated Daan Crypto Trades in an X post. He also pointed out that, 'even in the bad months, the first week was green more often than not.'
Expert Predictions
Michaël van de Poppe, founder and CEO of trading firm MNTrading, commented on the market’s stagnation and potential for a turnaround, saying, 'Dull market, which is usually the end stage before the party begins.' He further noted, 'Regarding price action on $BTC: You’d really need to get a breakout above $61K to get the momentum back in the markets, otherwise, we continue to have this downward trend for a while.' In a corporate bulletin on Telegram, trading firm QCP Capital highlighted that both Bitcoin and gold might face downward pressure. They noted historical patterns suggesting a bearish September across various asset classes, but a bullish October, stating, 'October, however, has the strongest bullish seasonality, with BTC showing positive returns and an average gain of 22.9% in 8 out of the last 9 Octobers.' QCP Capital advised, 'if this pattern plays out again this year, it would be strategic to accumulate during the September dip and take profits in October or toward the year-end.'
Bitcoin’s stability at $59,000 and expert forecasts indicate a potential rise in October despite traditionally bearish September.
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