Monthly Wrap: Bitcoin Defies September Trend to Register First Green in Three Months

Bitcoin is gaining little attention as September draws to a close. Although not significant as the coin is yet to register any significant change in value. Nonetheless, this is adding to the tally on the monthly scale.

In the same vein, the global cryptocurrency market cap is also seeing small increases at the time of writing as a few major assets are on the uptrend. However, the small improvements in value at this time is meager. As a result, the industry may close with no significant change in value.

Nonetheless, it opened the ninth month of 2023 at $1.04 trillion. As it progressed, it saw small losses that ensured a drop to a low of $1 trillion. It soon recovered and peaked at $1.08 trillion before another bearish round. At the time of writing, the sector under consideration is valued at $1.07 trillion.

On the other hand, one of the biggest gainers over the last thirty days was Maker. It started trading at $1,154 but soon retraced and was heading for the $1,000 support. it soon rebounded at $1,068. After the low, the coin went on a bullish spree as it broke through the $1,500 barrier and went as attempted the $1,600 resistance but failed as it faced strong rejection at $1,597 (the high for the month).

Currently trading above $1,500, the asset is heading for one of its best closes. It may close the ninth month with gains of more than 33%.

The last thirty days were not favorable for Immutable X as it struggled. One of the marks it tried holding was the $0.50 support. However, it briefly lost it but reclaimed it and it’s exchanging at $0.58. The current price suggests a more than 5% drop in value from its opening price of $0.88.

Other assets like BTC are also breaking bounds.

Bitcoin Gains 4%

Following the apex coin struggle over the last two months, many predicted that September would be the worse as several indicators showed. One such is the monthly performance scale that placed the current month as the worst-performing for the top asset.

Additionally, the charts were also pointing to further decreases in response to the previous sixty days. One of the pointers was the Moving Average. Both the 50-day MA and the 200-day MA intercepted in what is described as a “death cross.” This phenomenon is one of the most dreaded for any cryptocurrency as it spells more downtrends.

Bitcoin defied all of the odds stacked against it and is up by a few percent. It kicked off the session under consideration at $25,927 but dropped to retest the $25k support. BTC broke through and registered a low of $24,920 before recovery. It soon tested the $27k resistance and peaked at $27,486. Currently trading above $27,000, the apex coin is up by more than 4%.