Bitcoin $BTC) Price AnalysisÂ
Bitcoin registered its best September in over a decade, defying a trend of losses and subdued price movement. According to data from Rekt Capital, BTC reported an increase of 7.75% in September, eclipsing its previous best of 6%, set in 2016. Out of 12 previous Septembers, 8 had ended in the red for the worldâs largest cryptocurrency, with the most substantial being in 2014, when it dropped by 19%.Â
âDonât let a -5% dip distract you from the fact that Bitcoin has experienced its best September of all time by producing a +7% monthly return.â
Analysts have pointed out that October is historically a bullish month for BTC, with the cryptocurrency registering positive performances in 9 out of the past 12 Octobers, with gains ranging between 5.5% and 40%. They also pointed out that it was 163 days since BTCâs halving on September 30, which is precisely the number of days it took for BTC to break out from its reaccumulation range after the 2020 halving. According to CryptoQuant co-founder Ki Young Ju, the market is still bullish despite the recent retreat and ongoing range-bound price action.Â
Looking at the price chart, we can see that BTC was incredibly bullish towards the end of the previous week. The cryptocurrency registered a significant jump of 3.19% on Thursday to finally move past the 200-day SMA and the $65,000 level to settle at $65,183. Friday saw bulls continue to maintain control, although price action was muted, with BTC registering an increase of 0.95% to move to $65,805. The weekend saw marginal movement, with BTC registering a marginal increase on Saturday and a marginal decline on Sunday, ending the week at $65,634. The current week started with a jump in selling pressure, as BTC fell back below the 200-day SMA and $65,000 to $63,365. The current session sees BTC up by just over 1% as buyers look to push back above the 200-day SMA and $65,000
Sentiment around BTC is still bullish, and we could see a recovery if bulls manage to keep BTC above the 200-day SMA. Buyers must keep BTC above the 20-day SMA to prevent a decline. If this level is breached, it could drop to $60,000 or below. However, if BTC can rebound from its support levels and push above $65,000, a rally to $70,000 could be on the cards, given October is historically a positive month
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