Although September is often referred to as a bearish month, even being called “September,” this year Bitcoin is on track to be its best September ever. There are also signs that retail investors are starting to return.
Previously, the highest increase recorded in September was a 6% increase in 2016.
Bitcoin has also seen gains in every month of Q4, with the last month of Q3 being a bullish month. 2015, 2016, and 2023 are all good examples that point to a potential bullish quarter in 2024.
Multiple Bitcoin Indicators Turn Bullish
In a post on X, Julio Moreno, Head of Research at Cryptquant, said that the premium on Coinbase hit a two-week high on September 26, when the price crossed the $65,000 mark.
The Coinbase premium is often used as an indicator of US retail investor demand – the higher the value, the greater the buying pressure. Moreover, the current increase in the Coinbase premium coincides with an increase in daily inflows from spot Bitcoin ETFs.
Total inflows for 11 spot Bitcoin ETFs were $365.7 million on September 26, as BTC prices hit a new monthly high.
This suggests that institutional investors are slowly returning to Bitcoin after the favorable rate cuts announced earlier this month.
Meanwhile, cumulative trading volume across exchanges also hit a new monthly high, with net buying volume dominating the chart.
This could be another sign that retail investors are making a comeback, but more evidence is needed to confirm this trend.
Bitcoin forms first bullish “htf” pattern in 5 months
On September 23, Bitcoin Magazine noted that BTC was attempting to break above $65,000 to create a new all-time high pattern. Three days later, BTC closed a daily candle above the previous resistance level on a higher time frame, breaking a five-month-long downtrend.
As illustrated in the chart, the previous higher low (HL) and lower low (LL) pattern was broken after Bitcoin closed a daily candle above the HTF resistance at $65,000. A strong HTF breakout suggests the possibility of a new long-term trend forming on the chart.
It should be noted that the current HH and HL patterns may still see a pullback in the future, but this would be considered a low bullish trend.
Therefore, the key resistance levels to watch now are $68,100 and $71,500, which BTC/USD failed to surpass in the summer.
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