Bitcoin’s (BTC) price finally broke past the key resistance of $50K after consolidating in the $45K-$50K range for nearly two weeks. The top cryptocurrency first broke past the $50K barrier in August posting a new 3-month high of $50,482, but couldn’t hold onto its gains.
The top cryptocurrency’s sideways movement for two weeks didn’t deter traders as BTC has formed strong on-chain support in the $45K-$50K price zone. The next strong on-chain support lies in the $53.7K-$59K are which the top cryptocurrency might target next.
Bitcoin On-chain Accumulation Chart by Glassnode
The top cryptocurrency might finally join the bulls to take the charge of the second leg of this bull run which has already seen three altcoins post new ATHs. Bitcoin is currently 22% down from its ATH of $64,863 and if the bullish momentum continues it has a good chance of retesting and breaking past the ATH.
Can Bitcoin Break the September Jinx?
September has historically proven to be a bearish month for Bitcoin, with the biggest return coming in single digits. The top cryptocurrency has experienced losses in most September since its inception, but looking at the current market dynamics and the start of the month, BTC might defy the odds against it to make a 22% move to restest the ATHs.
Bitcoin has started the historically bearish month on a high breaking through the key resistance and will now retest its previous 3-month high. Recent Bitcoin exchange flow data has indicated that traders have turned bullish again as the BTC balance on Coinbase reached a new 4-year low of just 700K BTC. The institutional interest has continued to peak throughout, even during the 3-month long bearish phase.
As speculations around the approval of the first Bitcoin ETF in October gains momentum, the top cryptocurrency can build an August-like momentum to reach new ATH.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
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