#bitcoinnewsupdate : Can Bitcoin get a green monthly close above $64.3K?

Bitcoin’s summer illiquidity could carry on into September, but lower interest rates could kickstart the real bull market in early 2025, according to analysts.

Bitcoin’s summer lull could finally come to an end with a bullish breakout if it manages to close the month of August in the green.

To close August in the green, Bitcoin’s 

BTC

$59,549

 price needs a monthly close above $64,300, which would require an over 7% rally from the current $59,960.

While the monthly candle close is difficult to predict, Bitcoin’s recent price action is a positive sign, according to Bitfinex analysts, who told Cointelegraph:

“Bitcoin reclaiming recently lost key levels like $64,000 and $61,500 are bullish signs… The current market is still illiquid, and we continuously have low-volume volatile moves. The current move lower is an unwinding of perps and spot long positions that had entered the market before the Jackson Hole conference.”

Bitcoin price has been struggling to trade above the $60,000 psychological mark. The world’s first cryptocurrency is down over 12% on the monthly chart, according to Cointelegraph data.

Bitcoin struggles to overcome $63,900 resistance $BTC

Analysts warned that the lack of liquidity characteristic of the summer could carry on into September and bring downside volatility.

Thus, Bitcoin will struggle to overcome the $63,900 resistance, according to Bitfinex Analysts, who added:

“Price is a reflection of historical market transactions, we must look under the hood. Price rallied up to the Short Term Holder (STH) realized price of around $63,900 currently and thus, we also saw some profit-taking from the STH cohort

Bitcoin’s average returns for the month of September were negative at -4.78% since 2013, according to analysts.