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Bitcoin price jumps above $20,000 just before the end of the month

 


Bitcoin strengthens ahead of monthly close

According to data , bitcoin has gained 3% in just one hour to reach an interim high of $20,171.


The market-leading cryptocurrency is doing as some analysts have predicted, seeing a small bounce before new losses.


“I'm now moving my stop to $19,300 and taking the bounce to $21,700 where more resistance awaits,” as crypto trader Pentoshi explains his own strategy in this context .


"Looks pretty strong," trader IncomeSharks notes . To which he adds:


"A great way to end the week after people have recently been fluctuating between pessimism and optimism, depending on how the day went."

The crypto analyst Cheds even sees the psychologically important $20,000 mark as a real "turning point", because the declining strength of the US dollar could soon become a catalyst for risky investment products such as cryptocurrencies.


Thus, the US Dollar Index (DXY) continues to fall today, slipping towards 112 points after the recent upleg met resistance.


On a macro level, the new US consumer price index (PCE) numbers are putting fresh pressure on the US Federal Reserve as they are hotter than expected.


In Europe, too, consumer price indices (CPI) are similarly weak, with the Netherlands taking the proverbial bird with a 17.1% increase yoy.


Will the fourth quarter bring salvation?

With just a few hours until month-end close, eyes are now on the staying power of the bulls.


If they can keep the Bitcoin price up, a positive September is still possible. However, the whole thing is so tight that the actual conclusion is probably open to interpretation in both directions.

As of press time, the market-leading cryptocurrency is just 0.35% higher than at the start of the month, which would make for the first "green" September since 2016, according to data from Coinglass .


Meanwhile, crypto analyst William Clemente emphasizes that Q4 has actually always been positive for investors.


"Historically, Q4 is always by far the strongest quarter for Bitcoin, with quarterly returns averaging 103.9%," said the expert.


“October and November are the strongest months ever, posting average gains of 24% and 58%, respectively. Does the time of year play a role again? We will see."

Coinglass reports that Q3 ends fairly neutral for BTC with a measly gain of just 0.92% overall.

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