Bitcoin is currently priced at $19,313, with all the signs of an invigorated asset ready to smash through multiple resistance levels. September appears to be the month crypto investors show some tenderness to the top-tier cryptocurrency, which has suffered severe bearish hangovers since the start of 2022.
Part of the difficulties hurdling its path to a November-like recovery has been traced to the US Fed’s decision to artificially induce anti-inflation by hiking interest rates, thus pulling would-be crypto investors into the real sector. With China out of the picture and Kazakhstan threatening to expunge Bitcoin miners due to depleting energy concerns, Bitcoin’s problems have become quite peculiar, leaving it with no choice but to cheer itself and avoid catastrophic devaluation.
With a short wave of greens now back for BTC, here are some indices a few experts have proposed that may suggest a powerful incentive to buy or not to buy, as the case may be.
A five-day green streak is the most basic bullish sign any non-technical observer can predict. But as history has shown, it is no coincidence that Bitcoin saw positive net gains in September.
Over the past eight years, the month of September has witnessed some of the most remarkable price lowerings for BTC. This is explained, in part, by an increase in the number of people looking to kick-start their yearly investment plans after earning the first monthly paycheck and choosing Bitcoin as one of their selected investment options.
Or Not To Buy
On the other hand, there are all the signs that a bearish run is far from over. With seven out of 10 investors standing below the breakeven line, experts at Nasdaq believe that the current streak is subtly fuelled by a renewed FOMO hitting a target of people who wished they had purchased the dip before BTCs November’s ATH.
With the Fed re-routing all fiat money to government-backed investment opportunities, it appears there is little incentive for anyone willing to make impressive gains from short-term investment in BTCs quickly. Futures trading is already down by 38%, showing that all current and new investors may have to brace up for the long road to profit.
Either way, the BTC current trend is subjected to buyer perception and motive for entry.