Originally published on: September 29, 2024
Bitcoin has maintained its crucial support at $65,000 on September 29th, hinting at potential gains as the month comes to a close.
In the midst of the regular weekend price action for BTC/USD, Bitcoin reached new heights of $66,500 recently before consolidating in the final stages of September.
According to Daan Crypto Trades, Bitcoin has shown stability with minimal deviations from the Friday close price, indicating a positive trend for the leading cryptocurrency.
Monthly data from CoinGlass reveals an impressive 11% increase in Bitcoin’s price this month, potentially making September 2024 the most successful month yet for the cryptocurrency.
Renowned traders like Rekt Capital have noted the bullish momentum in Bitcoin’s monthly charts, suggesting a notable shift from previous downside trends.
Despite geopolitical tensions in the Middle East and a weakening US dollar, Bitcoin seems unphased and continues to showcase its resilience in the market.
Analysis from experts like Titan of Crypto points to a significant drop in the US dollar index (DXY), suggesting a potential breakout to multi-year support levels, further boosting Bitcoin’s appeal to investors.
As market dynamics evolve, Bitcoin is positioned to reap the benefits of a weakening dollar, with forecasts pointing towards a potential price target of $85,000 in the near future.
Please note that this article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own research before making any financial decisions.
