Bitcoin has made a strong comeback by rising to $112,500, indicating bullish activity. Additionally, some altcoins are showing positive trends.
Cryptocurrency Market and Bitcoin's Recovery
Bitcoin (BTC) surged to $112,500, suggesting that buyers are active at lower levels. Positive sentiment was also seen in Bitcoin spot exchange-traded funds, which recorded $332.7 million in net inflows. Furthermore, gold (XAU) reached a new high above $3,500 per ounce, which has historically indicated that BTC tends to follow gold with a lag.
Price Predictions for Major Altcoins
Among altcoins, positive momentum is being seen. Ether (ETH) is attempting to hold above the 20-day EMA, while XRP (XRP) bounced off support at $2.73, indicating bulls’ confidence. Forecasts for other cryptocurrencies like BNB, Solana, and Dogecoin also display signs of buyer interest.
Risks and Seasonal Fluctuations in the Market
Despite the current rise, September remains a risky month for bulls. Economist Timothy Peterson noted that BTC declines 100% of the time between September 16 and 23, typically experiencing a 5% drop, which could impact the ongoing positive momentum of cryptocurrencies.
The cryptocurrency market shows signs of recovery, but investors should exercise caution due to potential risks from seasonal fluctuations. Monitoring resistance and support levels will be crucial for further trading strategies.
