 Bitcoin price nearly hits $60K but traders still see bearish September 
2024-09-03

Bitcoin BTCUSD traded near $59,000 on Sept. 3 after a last-minute comeback delivered 3.2% daily gains.Cointelegraph
BTC price: “Green” first week could be September outlier
Data from Cointelegraph Markets Pro and TradingView showed promising BTC price action before the week’s first United States trading session.
Weakness around the monthly and weekly close did not last long, as despite a US market holiday, BTCUSD spiked to highs of $59,800 overnight.
“Constructive closes & confirmations, looking pretty good now,” popular trader Skew summarized in his latest analysis of the 4-hour chart on X.Cointelegraph
Skew noted that the price needed to complete various prerequisites to confirm upward continuation, among them a reading above 50 on the 4-hour relative strength index (RSI). At the time of writing, this was at 48.9.
“Going forward would want to see the monthly open bought by passive buyers on pullbacks,” he added.Cointelegraph
Having started off in classic style, traditionally “red” September now began to look more interesting to market participants.
Fellow trader Daan Crypto Trades thus considered the odds of a mixed month ahead.
“So consensus is: September Bad, Q4 Good. What if: September insanely good, Q4 more chop/bleed. Now that would be pretty typical for this cycle,” part of an X post read.
In further analysis, he nonetheless acknowledged that “even in the bad months, the first week was green more often than not.”Cointelegraph
Others saw standard behavioral patterns, albeit with a bullish outcome waiting in the wings.
“Dull market, which is usually the end stage before the party begins,” Michaël van de Poppe, founder and CEO of trading firm MNTrading, continued. 
Cointelegraph
Bitcoin, gold face familiar challenge
In its latest market bulletin to Telegram channel subscribers, trading firm QCP Capital warned that gold, which set a new all-time high last month, may join crypto heading downward.
This status quo could remain in place until October, which has historically been much more bullish.
“September is typically a bearish month not just for crypto but across all asset classes (with bonds lower in 8 out of the last 10 Septembers and Gold lower every year since 2017),” it wrote.
QCP concluded that “if this pattern plays out again this year, it would be strategic to accumulate during the September dip and take profits in October or toward the year-end.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.