Bitcoin’s ($BTC) worth rose above $45K once more after a relatively low activity-filled weekend. The worth of the highest cryptocurrency misplaced $50K key assist throughout final week’s market flash crash. $BTC was trying nicely set to check $55K resistance however now could be struggling to construct momentum above $50K.
Bitcoin broke out of 3-month lengthy worth slumber in August to register a brand new 3-month excessive above $50K and the remainder of the crypto market confirmed bullish resurgence as nicely. Nevertheless, September has traditionally confirmed to be a bearish month with Bitcoin month-to-month returns coming in unfavourable for probably the most half and even on a few events, the features have been in single digits. 2021 appears to be no completely different, though the primary week was pretty bullish making many imagine that the highest cryptocurrency may break the September jinx, now it appears September would proceed to stay RED.
Let’s skip September and go straight to October😎 https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD) September 13, 2021
As per crypto analytic agency Santiment knowledge, the Bitcoin crowd sentiment has reached historic lows. The metric consists of commentary quantity, mixed with optimistic vs. unfavourable $BTC scores. Whereas the unfavourable market sentiment reveals the present market outlook, traditionally the value of BTC has registered a major bounce again as crowd sentiment hits newer lows which might be seen within the chart beneath.
Bitcoin Must Conquer $50K
The highest cryptocurrency has constructed a powerful on-chain assist zone within the $5K-$50K vary and was seeking to enter within the $55K-$59K on-chain assist zone earlier than the flash crash. For now, $50K is the important thing resistance to cross and conquer as main purchase orders have been stuffed on this area. As soon as the highest cryptocurrency manages to beat the important thing resistance and convert it into assist, the value momentum may get on the bullish bandwagon. The highest cryptocurrency may additionally see a golden cross formation thought-about extremely bullish within the coming days.
#bitcoin golden cross will most likely verify tomorrow pic.twitter.com/WlFaqGCWfo
— Lark Davis (@TheCryptoLark) September 14, 2021
Bitcoin’s worth momentum has additionally been overshadowed by altcoins’ phenomenal run within the second leg of this bull run. A number of altcoins have already hit new all-time highs together with the likes of Solana ($SOL), Terra ($LUNA), Cardano ($ADA), and few others. With one other couple of weeks to go in September, the highest cryptocurrency want to get nearer to the $50K mark.