Bitcoin Price Outlook for September – Market Updates Bitcoin News
Almost ten days into September, bitcoin market volume has begun to rise, as traders return to action after the summer break. As volume returns, so does volatility, with this week showing both high levels of bullish and bearish sentiment in the token. Looking ahead to the rest of the month, the main question is undoubtedly whether any of these can prevail, or whether price consolidation will continue for another month.
Current market status
Last Friday, August’s non-farm payrolls (NFP) were published. Which showed that 315,000 jobs were added to the US economy.
Although the labor market remains the bedrock of optimism in the US, it has not been enough to deflect attention from the inflationary crisis.
Despite the better-than-expected NFP number, bitcoin fell to a two-month low the day after the data was released, falling below $18,600.
Since then, BTC prices have mostly consolidated, trading between a floor of $19,500 and a resistance of $20,200.
However, as of this writing, the token has rallied in today’s session, with prices once again moving above $21,000.
Some attribute this uptick to comments from Fed Chair Jerome Powell, who all but confirmed that rate hikes will continue, to “job done.”
Outlook for September
At the time of writing, BTC/USD is trading at $21,224.86, which is the highest point since August 26.
Prices appear headed for a key resistance level at $21,650, which if breached could see bulls take bitcoin to $22,000.
Should this happen, the relative strength index (RSI), which currently stands at 53.95, is likely to be close to a collision with a ceiling of 61.50.
Ultimately, in the short term, there appears to be an increase in bullish sentiment, but as this sentiment grows, so will the questions of how long this can potentially be sustained.
Based on this, some may expect further consolidation during September, but it may take place at a higher area than August’s support and resistance levels.
A key indicator in September will be the RSI, and the possibility of it breaking out of 61.50. If this were to happen, BTC would likely be above $23,000 by the end of the month.
What price do you expect bitcoin to trade at in one month? Let us know your thoughts in the comments.
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