Bitcoin saw a daily gain of 3.2% and traded close to $59,000 on September 3rd after a last-minute recovery.
What to Expect for Bitcoin?
Popular investor Skew, in his latest analysis shared on X, explained that constructive closes and confirmations currently look quite good. Skew mentioned that the price needs to complete various prerequisites to confirm an upward continuation, including a reading above 50 in the four-hour relative strength index (RSI). At the time of writing, the RSI level was 48.9.
Trade Company's September Statement
In its latest market bulletin, trading company QCP Capital warned that gold, which hit a new record in August, could signal a downtrend for cryptocurrencies. This process could historically continue until October, which is typically a much more bullish month.
Market Analysis Examples
Popular analyst Daan Crypto Trades evaluated the possibility of the upcoming month being mixed and noted that even in bad months, the first week mostly closed green. Other analysts saw standard behavior patterns with a bullish outcome waiting in the wings.
Bitcoin shows promising signs of growth, although significant challenges remain ahead. RSI levels and other technical indicators will help provide more clarity on the future direction of the price.
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