Bitcoin, once again, got hit with a sudden sell-off as it cruised towards the weekly close on Sept. 29. With support tested around $64,000, Bitstamp recorded a brief dip to $64,198 before a shaky recovery. Traders, always looking for their next move, had eyes glued to the charts as the monthly close loomed large.
CrypNuevo’s Take: Play the Levels, Watch the Bounce
CrypNuevo, a trader who called this recent slide, saw volatility coming. Posting on X, he shared his thoughts on the near future. He noted that Bitcoin could sweep the highs but then fall back to retest support. And if support holds, that’s where he’s betting long. CrypNuevo said, “We could head back to $67k if we maintain liquidity on the order books.” But, losing that crucial support would mean hitting liquidations to the downside.
Hyland’s Bigger Picture: Bullish on the Weekly Close
But not everyone is riding the caution train. Matthew Hyland, another well-known trader on X, still leans bullish despite the recent action. He pointed out that if Bitcoin closes this week above $65k, it would signal a higher-high and higher-low for the first time in over six months. Hyland remarked, “Pullbacks from here should be seen as opportunities, and bias has to tilt towards bullish.”
Powell’s Next Move: The Fed and Macro Shadows
In the broader scene, U.S. Federal Reserve Chair Jerome Powell is set to speak on Sept. 30, which could shake things up even more. After surprising markets earlier with a 0.5% rate cut, traders are looking for clues on the next step. Many expect another rate cut in November, but Powell’s tone could swing that prediction either way. Bitcoin traders will be watching closely, as macro data has already been a volatility driver this year.
September: Breaking the Bitcoin Curse
Despite its recent dip, Bitcoin is set to close September with a gain of around 9%, a rare win for what’s usually a down month. For the past decade, Bitcoin has averaged a 3.6% loss in September, making this year’s performance a big shift. Bulls are already looking ahead to October, known for its “Uptober” nickname, where the average gain sits at nearly 23%. That kind of move could bring Bitcoin to fresh all-time highs, if it plays out right.
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