π° Bitcoin shows resilience in September, preparing for a possible breakout
September, usually a bearish month for bitcoin, has seen a 23% rise this year, from a low around $52,500 to a current level around $64,745. Market participants are focused on this critical level to see if BTC manages to break out of the prolonged downward channel it has been in since March.
Analysts at coindesk report that bitcoin often trades in long consolidation ranges, as it has in the past when it traded between $8,865 and $9,752 for 155 days. BTC has already spent 126 days in the current range of $59,700-$65,670, suggesting that this scenario could continue until the end of October.
Despite the volatility, bitcoin's current corrections are less sharp, with a maximum decline of less than 30%. This is important for institutional investors who value stability. In the long term, such periods of consolidation often lead to sudden and significant market movements, which opens up new opportunities for growth.
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