Bitcoin rose more than 11% in September! Will it have a chance to set a new record high in October?
After breaking through $65,000, Bitcoin broke through $66,000, breaking the long-term oscillating downward trend. This is a very strong bullish signal. We need to pay attention to whether the upward trend can continue. To confirm the effectiveness of this rebound, Bitcoin must stabilize above $65,200 to ensure that the $65,000 level can be turned into a support level. Only in this way can market sentiment be further optimistic and increase confidence in future trends.
There is a large amount of chips changing hands at $65,500, which is a more critical price level at the moment. $66,300 is also worth paying attention to. The short-term holder group can be further divided. Those who hold the currency for 3-6 months have a purchase cost line of $66,300. If Bitcoin can see a higher high and turn $66,300 into a support level, Bitcoin will have a greater chance of returning to $70,000.
As for the futures market, after clearing the airdrops near $66,000, the more obvious airdrop liquidation point is $67,000. And there is a very heavy accumulation of long orders below. If this step of the rise is replicating the market situation after the beginning of this year, the price of Bitcoin will hardly see much retracement.
Because the daily RSI has seen some unstable points, Bitcoin seems to be overbought soon. Perhaps Bitcoin needs some correction. The current market conditions have improved greatly, and we should not fall directly from the level of being overbought to the level of being oversold as in May and July this year. I hope that this wave will see the market situation like the beginning of the year.
We always say that September is a very bad month, but the final result is far beyond our expectations. But one thing did happen, that is, there was a wave of Bitcoin crash in September, and we returned to the level of $52,500. In fact, Bitcoin rose 11% in September.
October is coming soon. October is very friendly to Bitcoin. It rises almost every October. Pay special attention to the months that close with gains in September. The following October will also close with gains. Perhaps Bitcoin will set a new record high.
