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In September 2024, Bitcoin (BTC) had an exceptional performance and recorded its best September ever. This dramatic increase is largely attributed to the return of “Coinbase Prime”, a key indicator of demand from US investors. A Trend That Could Take BTC To New Highs!
Bitcoin: up 22% in three weeks!
Over the past three weeks, the price of BTC has increased by 22%, reaching levels not seen since August. On September 26, the premium on Coinbase hit a two-week high, indicating strong buying pressure from US investors. This premium measures the price difference between Bitcoin on Coinbase and other exchanges and is often used to measure demand from US investors.
This increase in Coinbase’s premium coincides with an increase in daily flows into Bitcoin ETFs. On September 26, these flows reached $365.7 million as the price of BTC reached new monthly highs. This suggests that institutional investors are starting to turn to Bitcoin again, especially after the rate cut earlier this month.
Long term bullish pattern
On September 23, Bitcoin managed to close above $65,000, breaking a five-month downtrend. This “Long-Term High” (HTF) pattern indicates a possible new long-term uptrend. Key resistance levels to watch now are $68,100 and $71,500, which BTC/USD failed to break this summer.
Historically, September has been a bearish month for Bitcoin, with the biggest gain previously recorded being a 6% gain in 2016. But this year, Bitcoin seems to be defying expectations, setting the stage for a potentially bullish fourth quarter.
Finally, the return of the Coinbase premium and increased flows into Bitcoin ETFs indicate renewed interest in BTC from both institutional and retail investors. If this trend continues, Bitcoin could continue to surprise the markets in the coming months.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.