Here’s Why A Green September Close Is Important For The Bitcoin Price

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Bitcoin now Show upward price action This has sparked optimism among cryptocurrency investors. The cryptocurrency recently crossed the psychological $60,000 price barrier after three weeks of acting as a fearsome resistance level. Since breaking $60,000, Bitcoin has continued to rise, gaining 9.8% in the past seven days. Interestingly, the cryptocurrency is up 20% from its low of $52,827 this month.

This price surge comes at a critical time for Bitcoin, as September has consistently been a crucial month for Bitcoin’s Q4 price performance. According to price data from Coinglass, September’s green close was a precursor to strong performance in October, November, and December.

Historical trends and the importance of Green September

A “green” September refers to Bitcoin closing the month with a gain or an overall increase in price from its opening on the first day of the month. Over the course of Bitcoin’s 12-year history, the cryptocurrency has had eight “red” Septembers, where prices closed lower than they were at the start of the month. By contrast, only three Septembers ended in the green. However, these rare instances of green closes consistently led to strong rallies in the subsequent months of October, November, and December.

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The first instance of a green September was in 2015 when Bitcoin managed to close with a modest gain of 2.35%. This small victory paved the way for gains in the months that followed, with Bitcoin rising 33.49% in October, 19.27% ​​in November, and 13.83% in December. The last green September occurred not long ago in 2023. This led to a massive rally and green monthly candles for the next six months, culminating in Bitcoin hitting its all-time high in March 2024.

Source: Coinglass

What to expect from Bitcoin price?

At the time of writing, Bitcoin is trading at $63,640. Bitcoin has seen an influx of investment in the past few days, which in turn has flowed into other cryptocurrencies. The total market cap of cryptocurrencies now stands at $2.21 billion, an increase of 8.33% in seven days.

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It is worth noting that the rise in cryptocurrency prices is mostly due to the decision of the US Federal Reserve. cut benchmark interest rate interest rate by 50 basis points. This move, which was First rate cut in over a yearThis trend is more suitable for risky assets like Bitcoin.

Looking ahead, further rate cuts are expected in the coming months. According to the CME Group’s FedWatch tool, investors currently have a 100% chance of another rate cut at the Fed’s next meeting on November 7. These expectations It bodes well for Bitcoin. And the broader cryptocurrency market, where continued interest rate cuts could lead to sustained upward price momentum. We can look forward Months of positive price action for Bitcoin, with the next targets being breakouts above $65,000, $67,000, and $70,000.

Bitcoin price at $63,000 | Source: BTCUSD on Tradingview.com

Featured image created using Dall.E, chart from Tradingview.com

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