Author: Ciaran Lyons, CoinTelegraph; Translated by: Tao Zhu, Golden Finance
Bitcoin reclaimed the key $60,000 price level for the first time since Aug. 30, with growing interest from institutional players suggesting the situation this time is unique, according to one cryptocurrency analyst.
“This time is different,” cryptocurrency analyst Rajat Soni wrote in a Sept. 13 X post. Soni explained that Bitcoin has been “consolidating above $50,000 for six months.
However, the last time the price of Bitcoin was above $50,000 was in 2021, when interest in the asset came mainly from retail investors. He noted:
“It’s difficult for the Bitcoin price to stay above $50,000 because most of the buyers are retail investors who are known for buying and selling based on emotion.”
Soni claimed that “institutional investors are here and they are ready to buy everything retail investors want to sell.” He warned his 96,900 followers: “If you are selling, be prepared to pay more to get back the same amount.”
Bitcoin is trading at $60,596, up 4.25% since Sept. 12, according to CoinMarketCap.
Bitcoin is up 12.40% over the past seven days. Source: CoinMarketCap
After Bitcoin surpassed $60,000, anonymous cryptocurrency trader Jelle speculated that the asset could break its typically underperforming trend in September.
“Bitcoin is currently on track to close higher in September,” Jelle wrote. The trader noted that Bitcoin has only previously “closed higher” in September three times: in 2015, 2016, and 2023.
September is Bitcoin’s worst performing month, with the asset losing an average of 4.49% per month over the past 11 years, according to CoinGlass.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen noted in a Sept. 14 article that this was “the highest daily close for BTC dominance in the entire cycle.”
As of the time of publication, Bitcoin’s market dominance is 57.80%, according to TradingView.
Meanwhile, Will Clemente, co-founder of Reflexivity Research, said in a Sept. 13 article in X that “BTC’s technicals are showing some early signs of life.”
“Looking for a move back up to the 200dma which would coincide with its first higher high in 6 months to start keeping an eye on altcoins,” Clemente added.
