With Bitcoin showing the strongest September performance since 2016, the eyes of anticipatory sellers are fixed on a potential dip towards $27.5K. Despite this, BTC currently clocks in at a commendable $26,940, maintaining its stronghold throughout the month. Astoundingly, according to monitoring resource CoinGlass, the leading cryptocurrency has been up by almost 4% month-to-date, marking its most successful September in several years.
Nonetheless, a different narrative unfolds when evaluating the quarterly performance. Data reveals an approximate 11.5% decrease in BTC/USD, nudging traders and analysts into a sphere of uncertainty as we approach the final hours of the monthly candle. Jelle, a renowned trader, posits that a fruitful September in the past has often led to advantageous conditions in October, November, and December, raising the question – “Will history repeat?”
Material Indicators, a go-to tracking resource amongst crypto savants, notes ‘bearish signals’ across various moving averages, both on shorter and longer timeframes. This increasingly complex situation is further complicated by the impending US government shutdown that could deflate BTC’s price action unless a solution is identified promptly.
However, it’s not all grim. Other traders, such as Daan Crypto Trades, forecast relatively uneventful conditions until the dawn of a new week, suggesting that the fluctuation might not be as drastic. There’s a silver lining to this cloudy picture, and it sometimes lies in the underlying fundamentals rather than the swirling maelstrom of the market itself.
On the other hand, the seemingly imminent launch of Ethereum-based ETF in the United States has stirred the waters of a sizable hack that occurred nearly a year ago on FTX, a well-established crypto exchange. The hacker’s wallet, estimated to hold a substantial $16.75 million worth of ETH, has shown recent activity. Observing this, some believe the illicit actor might be preparing for a sell-off, another testament to the inherent volatility and potential security risks associated with the burgeoning world of virtual finance.
Simultaneously, the march towards the launch of Ethereum ETFs might stimulate a bullish trend for the price of ETH, demonstrating how the evolution of blockchain regulations and new financial instruments trickle down to influence the market dynamics.
In the final analysis, the story of two leading cryptocurrencies, Bitcoin and Ethereum, is entangled with intriguing multitudes – discerning traders keeping a watchful eye on fluctuating prices, looming regulations, and unforeseen hacks. For some, the digital coin domain is a gamble, while others see an imminent digital revolution that transcends traditional finance. Regardless, as market participants, we must conduct our research before making decisions, acknowledging the innate uncertainty that permeates the crypto-ecosystem.
Source: Cointelegraph
