Bitcoin Stumbles After Best Week Since January
The Bitcoin price closed its best week since January at $84,467, but then stumbled. The week starting September 21 saw BTC open at $81,178 and close at $84,467, with a high of $87,395 reached on the same day.
This was the second-best Q3 performance for Bitcoin on record, with a gain of about 44%. Analysts are divided over the implications of this move, with some seeing it as a sign that the bear market is over. Crypto Rover announced that 'the bull market is back', citing two technical indicators: the close above May's intraday high and the second straight weekly close above the 50-week moving average.
However, analyst Benjamin Cowen was more cautious, noting that the move has been 'extremely humbling' and that usually after passing the 50W like in 2019/2023, BTC runs 20-30% within 1-2 weeks. He believes this time around, the price will either accept back below May's high or be much higher.