đ Bitcoin Reclaims $60KâAnd Analysts Say âThis Time Is Differentâ đ
Bitcoin has surged back above the crucial $60,000 mark for the first time since August 30, signaling a fresh wave of excitement!
đđ° According to crypto analyst Rajat Soni, the increasing interest from institutional investors makes this moment stand out from previous rallies.
đ Soni highlighted in his September 13 X post that Bitcoin has been consolidating above $50,000 for over six months. He notes that the last time Bitcoin held above $50,000 was in 2021, driven mostly by retail investors who often trade based on emotions.
This time, however, institutional investors are taking the lead, ready to snap up any assets retail investors are selling. Soni warns, âIf youâre selling, be prepared to pay significantly more to get the same amount back!â đđž
đ Currently, Bitcoin is trading at $60,596, up 4.25% since September 12, and up 12.40% over the past week. With Bitcoinâs resurgence, pseudonymous trader Jelle speculates that it might break its trend of underperforming in September. Historically, Bitcoin has only closed September in the green three times: in 2015, 2016, and 2023. đ đ
đ„ Benjamin Cowen pointed out that Bitcoinâs dominance is at its highest daily close for this cycle, currently sitting at 57.80%. Meanwhile, Will Clemente noted early signs of life in Bitcoinâs technicals, looking for a reclaim of its 200-day moving average, which would indicate a potential shift in the market and could be a signal to start looking at altcoins. đđ
Stay tuned for more updates and keep an eye on those market moves! đđ
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