Bitcoin reclaimed $60K, backed by institutional investors, showing a 4.25% increase since September 12.
September is historically Bitcoin's worst month, with an average 4.49% loss, but it may close positively this year.
Bitcoin's market dominance reached 57.80%, its highest daily close in the current cycle, indicating a shift towards BTC.
For the first time since August 30, Bitcoin has achieved a price recovery above the critical $60,000 mark. According to CoinMarketCap, the cryptocurrency is currently trading at $60,070.29 and has increased by 4.25% since September 12. The growing interest from institutional investors in this comeback is drawing notice, and some analysts think this could be a turning point for Bitcoin.
Institutional Investors Drive Market Dynamics
Rajat Soni, a cryptocurrency analyst, emphasized that this rally is different from others. Soni clarified that Bitcoin has been consolidating above $50,000 for more than six months in a post dated September 13. The last time it exceeded $50,000 was in 2021, mostly due to the actions of individual investors.
https://twitter.com/rajatsonifnance/status/1834725054757658716
Additionally, Soni pointed out that Bitcoin found it difficult to hold its price above $50,000 during the 2021 rally. The majority of the purchases came from retail investors, who are infamous for their emotional trading tendencies. However, institutional investors appear to be very interested in Bitcoin this time around, which may result in greater stability.
Market Speculation and September's Historical Trends
Notably, the speculation that Bitcoin might defy its typical trend of underperforming in September has been sparked by the recent rally. According to CoinGlass data, September has historically been the worst month for Bitcoin, with an average monthly loss of 4.49% over the previous 11 years.
Notwithstanding, cryptocurrency trader Jelle conjectured that Bitcoin is presently expected to conclude September positively. In the event that this occurs, September would be the fourth time in history that Bitcoin closes on a high note.
BTC Market Dominance Reaches New Heights
According to TradingView data, Bitcoin's market dominance has reached its highest point as of the current cycle's daily close, at 57.80%. This dominance indicates a change in investor focus away from other cryptocurrencies and toward Bitcoin. In a post on September 14, founder of Into The Cryptoverse Benjamin Cowen noted this notable rise in dominance.
Will Clemente, a co-founder of Reflexivity Research, also noticed some early encouraging trends in the technical aspects of Bitcoin. In the event that Clemente's 200-day moving average is reclaimed, it is anticipated that Bitcoin will reach its highest level in six months.
The post Bitcoin Surges Past $60K, Analyst Claims ‘This Time is Different’ appeared first on Crypto News Land.
