Bitcoin's Price Topples Against Historical Wall in Weakest Month
Bitcoin's recent rally has cooled down, and its price is facing a historical wall in September. The cryptocurrency gained nearly 25% in August, closing the month back above its 50-month moving average for the first time since last year's crypto winter began.
The daily chart shows that Bitcoin's price is stalling under a resistance zone near $82,500. Traders on Myriad Markets are pricing a 77% chance of Bitcoin hitting $84,000 before dumping to $55,000.
Despite the bullish predictions, September is historically Bitcoin's weakest month. The Fed meeting on September 15-16 may also weigh on the price, as hike odds have jumped. Trend-following capital tends to chase structural shifts in the trend, and a reclaimed 50-month average could give bulls a real argument.
However, breaking above the average doesn't yet confirm a new bull trend. The monthly RSI is neutral, and the ADX is just shy of the 25 mark that would confirm a real trend rather than a bounce.