Bitcoin price today is firm, with BTC USD at $66,000. Bitcoin news suggests BTC will close September bullish and rally in Q4 2024.
Bitcoin is firm from a top-down preview. After last week’s gains, the world’s most valuable coin soared above the local resistance at between $65,000 and $66,000.
Bitcoin Swings Higher, After A Bullish September–Will Bulls Take Charge In Q4 2024?
With the upside momentum relatively strong, traders are optimistic, expecting prices to trend higher in October.
According to Coingecko, Bitcoin is now stable and trading below $64,000.
However, this is not to say the coin is bearish and traders are swinging back to red.
Historically, Q4 2024 tends to be bullish for risk-on assets like Bitcoin.
But, the preceding price action tends to decimate sentiment. This climactic sell-off happens in September–as historical price action shows.
Looking at the trends in the past four weeks, Bitcoin defied expectations and, for the first time in years, ended up bullish. Even after the worrying dip in early September, the bounce has been notable, lifting Bitcoin by over 20%.
(BTCUSDT)
The question remains: Is Bitcoin turning the corner after the series of lower lows from March? Will the September bull bar anchor the next leg up in Q4 2024?
From the daily chart, the zone between $66,000 and $72,000 is a resistance area that should be closely monitored.
Now that sentiment is shifting bullish, looking at the Fear and Greed Index, this development may be the tailwind to help drive prices (and demand) above this liquidation zone.
Since last week’s and September’s bars are bullish, the uptrend is expected to continue in October and Q4, a historically bullish quarter.
(Source)
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The Bitcoin News: Institutions Are Back, But Time To Be Cautious On BTC USD?
As the trend shifts and bulls shake off the weaknesses of October and September following last week’s gains, institutions are optimistic.
According to Soso Value, spot Bitcoin ETF issuers saw net inflows exceeding $494 million on September 27. So far, the cumulative net inflow into these products in the United States alone exceeds $18 billion.
(Source)
As capital flows to spot Bitcoin ETFs, MicroStrategy is accumulating, pushing their total holdings to 252,000 BTC.
General optimism across the board, seen from gold prices rising to record highs and central banks, including the United States Federal Reserve and the PBoC, chopping rates, is a net positive for risk-on assets like Bitcoin.
With low interest rates, investors will likely shift their capital to yield-seeking Bitcoin and other risk-on crypto assets, possibly driving prices above $74,000 in Q4 2024.
Even as traders turn bullish, they should be cautious.
(Source)
Santiment data shows that prices could be at local peaks and may pull back until bulls take a commanding lead from a sentiment perspective.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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