Bitcoin Price Soars 2% as Bulls Gear Up to Reclaim the $60,000 Mark
The Bitcoin price has risen by 2.14% in the past 24 hours, as the pioneering cryptocurrency is exchanging hands at $55,384. This comes as the crypto market recovers a little after a difficult weekend. Despite the slight surge, BTC is down 4% in a week and has remained up 115% in the past year. Meanwhile, its relative strength index has risen as the BTC price has struggled, indicating that a bullish reversal could happen soon.
A prominent crypto analyst recently shared on X that Bitcoin is the Halving Year. Rekt Capital has expounded, noting that in the previous Halving years (2016 & 2020), Bitcoin enjoyed three straight months of upside across October, November, and December.
Bitcoin is in a Halving year
So it makes most sense to compare 2024 with previous Halving years
In the previous Halving years (2016 & 2020), Bitcoin enjoyed three straight months of upside across October, November and December$BTC #Crypto #Bitcoin pic.twitter.com/q73EvHOkVn
— Rekt Capital (@rektcapital) September 8, 2024
He has notably added that “the only times Bitcoin ever experienced downside in the month of October was in 2014 (-12.95%) and 2018 (-3.83%).”
The only times Bitcoin ever experienced downside in the month of October was in 2014 (-12.95%) and 2018 (-3.83%)
Those were Bear Markets
Bitcoin is currently in a Halving year$BTC #Crypto #Bitcoin pic.twitter.com/MlkIyLroxG
— Rekt Capital (@rektcapital) September 9, 2024
Bitcoin Statistical Data
Based on CoinmarketCap data:
- BTC price now – $55,384
- Trading volume – $24.33 billion
- Market cap – $1.09 trillion
- BTC total supply – 19.75 million
- Circulating supply – 19.75 million
- BTC ranking – #1
Bitcoin Price Attempts a Recovery, How High Can It Reach?
The Bitcoin price is winning on the 4-hour chart timeframe, as the bulls are showing resilience, which could trigger an uptrend. The BTC price has hurtled from the $52,645 support reached over the weekend, suggesting a recovery. The bulls have established strong support at $53,709 as they target the next resistance zone at $56,365.
The technical information suggests dwindling selling pressure as the bulls show strength. However, the BTC bulls need to conquer the immediate resistance levels in the market to reinforce the bullish outlook. BTC trades below the 50-day and 200-day Simple Moving Averages (SMAs). In this case, the $56,365 and $59,205 act as a cushion against upward movement in the market.
Meanwhile, the Relative Strength Index (RSI) is above the 50-mean level, upholding a bullish picture. Currently, it is at 51, suggesting increased buying pressure. Furthermore, if traders and investors keep adding to their positions at this level, the RSI could hurtle to the 70-overbought zone.
On the other fence, the Moving Average Convergence Divergence(MACD) upholds a bullish outlook in the Bitcoin market. This is evident as the MACD indicator (blue) has crossed above the signal line (orange), shifting the momentum from bearish to bullish. Furthermore, traders and investors tend to buy more BTC, with the MACD reinforcing a buy signal.
Will the BTC Bulls Sustain the Momentum?
In the 4-hour chart above, the odds tilt in favor of the bulls as they attempt to reclaim the $60,000 mark. The price could surge if the bulls capitalize on the MACD and RSI, which calls for traders and investors to add to their positions. A breach and break above $56,369 will push BTC towards the next resistance at $59,205. In a highly bullish case, a flip of $59,205 into support will see the BTC price reclaim the $60,000 mark.
Conversely, if the bears capitalize on the 50-day and 200-day Simple Moving Averages (SMAs) which suggest some bearish prospects, the BTC price could drop. A beach and break below $53,709 will see BTC retest the $51,645.
Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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