Bitcoin Price Outlook for September
Almost ten days into September, market volume in bitcoin has started rising, as traders return to action following the summer break. As volume returns, so does volatility, with this week showing both high levels of bullish and bearish sentiment in the token. Looking forward to the remainder of the month, the main question is undoubtedly whether either of these can prevail, or will price consolidation continue for another month. Current Market Status
Last Friday saw the release of August’s non-farm payrolls (NFP). Which showed that 315,000 jobs were added to the U.S. economy.
Although the labor market continues to be the bedrock of optimism in the United States, it has not been enough to avert attention away from the inflationary crisis.
Despite the better-than-expected NFP number, bitcoin fell to two month low the day after the data was released, dropping below $18,600.
Since then prices of BTC have mostly consolidated, trading between a floor of $19,500 and a resistance of $20,200.
However, as of writing this, the token has surged in today’s session, with prices once again moving above $21,000.
Some attribute this rally to comments from Fed Chair Jerome Powell, who all but confirmed that rate hikes will continue, until “the job is done”. September Outlook
As of writing this BTC/USD is currently trading at $21,224.86, which is its highest point since August 26.
Prices seem to be heading towards a key resistance level of $21,650, which if broken, could see bulls take bitcoin to $22,000.
Should this happen, the relative strength index (RSI), which is currently tracking at 53.95, will likely be near a collision with a ceiling of 61.50. BTC/USD – Daily Chart
Ultimately, in the short term, there looks to be a rise in bullish sentiment, however as this sentiment grows, so will the questions on how long this can potentially be sustained.
Based on this, some may expect further consolidation during September, however, it could take place at a higher range, than August’s support and resistance levels.
A key indicator in September will be the RSI, and the possibility of it breaking out of 61.50. If this should happen, BTC will likely be above $23,000 by the end of the month. Tags in this story Analysis, Bitcoin, BTC, Cryptocurrency, inflation
What price do you expect bitcoin to be trading at in one month’s time? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. LUNA 2.0 Token Jumps 200% Higher Against the US Dollar in 24 Hours MARKET UPDATES | 7 hours ago Biggest Movers: SHIB Hits 3-Week High, ATOM up by Over 20% Today MARKET UPDATES | 7 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article500,000 DAI From DAO Maker Exploit Was Sent Through Tornado Cash, Security Analysts Report Next articleBank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin