September is almost halfway over, and Bitcoin has performed well, rising back to $58,000. The second bottoming out at the beginning of the month scared many people, and many people cut their losses and left the market, thinking that they would wait for Bitcoin to fall below $50,000 before entering the market in batches. But now it seems that this psychological expectation is becoming more and more unrealistic.
This time Bitcoin pulled back to $53,000, and the main funds really took the market thoroughly, and they quietly dropped in the middle of the night and pulled it back in the early morning. Looking at the current daily trend of Bitcoin, it is obvious that the bullish force is slowly increasing. Although the current price is still around $58,000, this slowly rising trend is easy to make people take it lightly, and suddenly a big positive line may pop up and catch you off guard.
Although it seems unlikely to see a big rise in this situation, the currency circle always goes against human nature. The less people believe it, the more I think the possibility of a big rise is very high.
From a technical point of view, there is a key point on the daily line of Bitcoin. When Bitcoin broke through $56,000 on September 9, it broke through with a large volume, accompanied by a medium positive line, which is a signal that the bullish force is very strong. This is why I felt that the second bottoming out was over. Later, on September 11, when the CPI data came out, although the market fell back, it did not fall below $56,000, which proved that the bulls were still strong.
Now Bitcoin has returned to the oscillation range in mid-August, and the second bottoming out has passed. From these two points of view, the probability of Bitcoin hitting $62,000 next is the highest.
