After several weeks of consolidation, Bitcoin began to show a relatively bullish trend in the second half of September. As traders turned their attention to the upcoming Federal Reserve meeting, prices once again surged to over $27000
After several weeks of consolidation, Bitcoin began to show a relatively bullish trend in the second half of September. As traders turned their attention to the upcoming Federal Reserve meeting, prices once again surged to over $27000. Prior to this, we will explore the trend of Bitcoin prices for the remaining period of this month.
Current market conditions
There were basically no major events in the first two weeks of September, with Bitcoin mostly consolidating below $26500.
In August, market volatility hovered near a five-year low, and exchange trading volume decreased by $52 billion.
However, as autumn enters, volatility slightly increases, mainly due to rising inflation and retail sales in the United States.
The market has confirmed that the Federal Reserve will raise interest rates later this week, which may lead to a stronger US dollar.
September Outlook
Bitcoin hit a low of $24900 a week ago and peaked at $27414.73 earlier today.
The BTC/USD has reached its highest level since August 31, 2023, and the 10 day (red) and 25 day (blue) moving averages are close to crossing upwards.
From the chart, the possibility of this trend has existed for some time, but as market volatility returns, this trend eventually occurs.
In addition, the relative strength index has now exceeded the key resistance level of 53.00, which has been a thorn in the eye of bulls in the past few weeks.
The next actual upper limit is at 65.00. If bulls target this, then Bitcoin (BTC) may exceed $28300 by the end of the month.
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