Bitcoin has reclaimed the crucial $60,000 price level for the first time since the end of August, driven by institutional investors, making this situation unique according to analysts.
Return to $60,000
According to crypto analyst Rajat Soni, Bitcoin (BTC) has been consolidating above $50,000 for over six months. The last time it was above this level was in 2021, when the interest came mainly from retail investors. “Back then, the price struggled to maintain $50K+ because most of the buying was from retail investors who buy and sell based on emotions,” Soni explained. Soni claims that “Institutional investors are here, and they’re ready to buy everything retail investors want to sell.” He warned his followers that “If you’re selling, be ready to pay significantly more to get the same amount back.”
Current Situation Analysis
According to CoinMarketCap data, Bitcoin is currently trading at $60,596, up 4.25% since September 12. Over the past seven days, Bitcoin has increased by 12.40%. Pseudonymous analyst Jelle speculated that the asset might defy its usual trend in September: “Bitcoin is currently on track to close September in the green,” Jelle wrote. The trader noted that Bitcoin has only managed a “green close” in September three times: in 2015, 2016, and 2023.
Future of Bitcoin
CoinGlass data shows that September is the worst month for Bitcoin, with an average monthly loss of 4.49% over the past 11 years. Meanwhile, Into The Cryptoverse founder Benjamin Cowen pointed out in a post that it was the “highest daily close for BTC dominance all cycle.” At the time of publication, Bitcoin’s market dominance stands at 57.80%, according to TradingView data. Reflexivity Research co-founder Will Clemente opined that there are “some early signs of life showing in the technicals for BTC”: “Looking for a reclaim of its 200dma which would coincide with its first higher high in 6 months to start looking at alts,” Clemente added.
Bitcoin has reclaimed the $60,000 price level, driven by institutional investors, making this situation unique according to analysts. Future developments will depend on the behavior of both retail and institutional investors.
Comments