Bitcoin (BTC) is poised to end September with a bang, eyeing an 11% monthly gain that could make this its best September in history. With just hours left before the monthly close, all eyes are on whether the bulls can protect BTCâs key $65,000 support level.
Bitcoin Holds Strong as September Nears a Historic Close
As of September 29, Bitcoin has preserved its crucial $65,000 support, creating a buzz among traders and investors. After hitting two-month highs of $66,500 earlier this week, BTC has since consolidated, with minimal movementâjust 1% above or below its Friday closing price. However, traders are anticipating a surge in volatility as the monthly and weekly close approach, with many expecting fireworks as futures markets reopen later tonight.
Could This Be Bitcoinâs Best September Ever?
Historically, September hasnât been kind to Bitcoin, often marked by price slumps. But this year, things are looking different. BTCâs price strength has remained steady, teasing what could be its best September ever. If the bulls manage to keep the $65,000 level intact, Bitcoin will post a solid 11% monthly gain, surpassing any previous September performance.
One of the key factors driving this optimism is the weakening U.S. Dollar Index (DXY), which is facing a potential major plunge. As DXY loses momentum, it often boosts Bitcoin and other assets, as traders look to hedge against the weakening dollar.
Whatâs Next for Bitcoin?
While Bitcoinâs price action has remained relatively calm over the weekend, analysts like Daan Crypto Trades expect volatility to ramp up as we move closer to the monthly close. If BTC manages to maintain its current trajectory, we could see even more bullish momentum heading into October.
The stakes are high, and traders are eager to see if Bitcoin will not only clinch the best September in its history but also set the tone for a strong final quarter of 2024. As the futures markets open later tonight, the stage is set for a dramatic close to the month.
Will Bitcoin break new records, or will volatility throw a wrench in the works? One thingâs for sure: the crypto world will be watching closely.
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