Originally published on: September 29, 2024
Bitcoin exhibited resilience on September 29 by holding above the crucial $65,000 support level, setting the stage for potential monthly gains as the US Dollar Index (DXY) faces a possible significant decline.
### Bitcoin Maintains Support Amidst Weekend Trading
Bitcoin maintained stability above $65,000 as traders anticipated the weekly and monthly closing. Market data from Cointelegraph Markets Pro and TradingView highlighted the typical weekend price action for the BTC/USD pair, following a recent surge to new two-month highs of $66,500.
Renowned trader Daan Crypto Trades noted the consolidation phase, stating that the price remained within a 1% range above or below the Friday close. The monthly returns indicated an impressive 11% increase in Bitcoin’s price so far in the month, potentially marking September 2024 as a historic month in terms of growth.
### Bullish Signs Emerge for Bitcoin
Analysts portrayed a bullish outlook for Bitcoin, with Daan Crypto Trades describing the current monthly candle as the first engulfing green candle seen in a year, signifying strong bullish momentum. Rekt Capital also pointed out that the recent price action on monthly charts engulfed the previous two months’ downside movements, indicating a potential trend reversal.
### DXY Weakness Supports Bitcoin Surge
Despite geopolitical tensions in the Middle East, Bitcoin remained steady as the US dollar index (DXY) plummeted to year-low levels, nearing the critical 100 mark. Noted investor Titan of Crypto highlighted a significant breakout of the Dollar Index multi-year support on the monthly timeframe, suggesting a possible major decline in the dollar’s strength.
### Analysts Bullish on Bitcoin’s Future
Looking ahead, analysts like Titan of Crypto have set intermediate targets for Bitcoin, with $85,000 identified as a potential price target in the near term. As uncertainty looms in the traditional financial markets, Bitcoin’s resilience comes as a beacon of hope for investors and traders worldwide.
### Disclaimer
This article serves to provide information and insights on the current Bitcoin market trends and should not be taken as investment advice. Readers are advised to conduct their own research and analysis before making any financial decisions or trades.
