Why Bitcoin Is Set for an Exciting September: 3 Key Factors

King Newswire | August 21, 2024

Even on the weekly chart, Bitcoin could not manage to close above the $60K psychological level; however, the LTHs are willing to go long on Bitcoin in 2024.

Bitcoin’s price ended the week below $50,000 – its 200-days EMA for the second consecutive week; nonetheless, in the last 24 hours, it has reclaimed $60,000. A number of charts show that long-term holders are completely immune to the current price levels. Even if a bullish breakout is not possible before August, is it feasible to get one after it?

Bitcoin long-term holder realized cap hits $3 billion

The 60,817 $ price of the Bitcoin BTC tickers down below the 200-day EMA and that has only happened three times this year in 2024. Referring to the chart below one can mention that the first bearish close under the 200-day EMA occurred on July 4.

In less than 10 days, the BTC/USD pair emerged above the EMA. This time round, it was below the indicator for only less than 24 hours before price surged taking it above the indicator indicating that bullish pressure is gradually regaining ground this week.

Why Bitcoin Is Set for an Exciting September: 3 Key Factors — BTC/USD 1-day chart. Source: TradingView

Holding period of bitcoins can be categorized as short-term holder (STHs) and long-term holder(LTHs) of bitcoins. The two also have different trading strategies and have different plans for the time to come.

TO READ FULL ARTICLE: CLICK HERE

The post Why Bitcoin Is Set for an Exciting September: 3 Key Factors appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

Disclaimer: The views, recommendations, and opinions expressed in this content belong solely to the third-party experts. This site was not involved in the writing and production of this article.

Why Bitcoin Is Set for an Exciting September: 3 Key Factors

Bitcoin long-term holder realized cap hits $3 billion

Search

Latest Post

Market Overview Widget