Bitcoin Price Slumps 0.42% Despite Closing Green in September

The Bitcoin price has slipped 0.42% in the past 24-hours, with the BTC/USD trading at $63,763. Despite the plunge, its 24-hour trading volume has spiked 15% to $31 billion, signalling intense market activity among traders and investors. BTC is now up 0.09% in a week, 9% in a month and 133% in a year. 

Meanwhile, Ohio has reintroduced Bitcoin for tax payments, possibly becoming the second state after Colorado to accept cryptocurrency for taxes. 

JUST IN: 🇺🇸 Ohio State Senator Niraj Antani introduces bill to require Ohio to accept #Bitcoin for taxes. pic.twitter.com/2DZTVQBmSO

— Bitcoin Magazine (@BitcoinMagazine) September 30, 2024

Ohio State Senator Niraj Antani has, however, stated that the legal framework for digital currencies must be formalized to promote progress and support free enterprise within Ohio’s borders. He has further expounded that the legislation allows Ohio residents to use digital assets to fulfill their tax and fee obligations.

Bitcoin Statistical Data

Based on CoinmarketCap data: 

• BTC price now – $63,763
• Trading volume (24h) – $31 billion
• Market cap – $1.26 trillion
• Total supply – 19 million
• Circulating supply – 19 million 
• BTC ranking – #1

Bitcoin Price Closes Green in September; Is It Time for a Mega Bullish?

Despite September being known as a bad month in the crypto industry, Bitcoin closed with a 7.35% increase, making it the best September on record. Although Bitcoin is experiencing a pullback right now, it is still up over 7% in the month of September. According to Lark Davis, a well-known Bitcoin Investor, whenever Bitcoin closes green in September, Q4 has to be mega bullish.

This has been the best-performing September for Bitcoin.

Although $BTC is experiencing a pullback right now, it is still up over 8% this month.

And whenever Bitcoin closes green in September, Q4 has been mega bullish.

Are you ready for a mega-bullish Q4? pic.twitter.com/Wh9JBdEcmZ

— Lark Davis (@TheCryptoLark) September 30, 2024

Meanwhile, Bitcoin price has experienced a slight rejection at the $65,910 mark, forcing the price to retreat. Currently, the pioneering cryptocurrency trades well within the confines of a falling wedge. Technically, a falling wedge pattern occurs when the asset’s price is moving in an overall bullish trend before the price action corrects lower.

However, the bulls are still showing bullish muscle, as they have flipped the 200-day SMA into support at $60,203. To be safe, the bulls have to bring down the technical resistance at $64,518 (coinciding with the 50-day SMA) to encourage already sidelined investors to join the uptrend without worrying about sudden corrections. 

On the other hand, if the bears capitalize on the dwindling buying momentum, the BTC price could dive further. In such a case, trades and investors should expect a sweep towards the $62,000 mark. 

Notably, the Relative Strength Index upholds a bearish outlook today. Currently, the RSI sits below the 50-mean level at 40.39. This suggests that the sellers have the upper hand in the BTC market. Increased selling pressure could cause the RSI to hurtle to the 30-oversold zone if the bulls don’t gain momentum. 

Bottom Line

As many traders and investors are ready for the Uptober, there are millions of positive reasons for Bitcoin to rise and very few for it to fall. Meanwhile, the Israel-Lebanon tension is making big investors uneasy, and as we all know, political events can sometimes affect the market. However, don’t be fooled by short-term movements, as the path ahead may be clear and bright. On the upside, if the bulls build enough momentum at this level, the BTC price could reclaim the $70,000 level.