As Bitcoin enters the final stretch of September, its upward momentum remains intact despite a dip in volatility. The weekly close saw Bitcoin holding onto much of its recovered support, even as market participants await the potential impact of Jerome Powell’s upcoming speech.
Bitcoin Defends $64K Support Level Despite Market Dip
Despite a brief sell-off during the weekly close, Bitcoin has maintained its critical support level around $64,000. Data from TradingView shows a local low of $64,198 on Bitstamp, followed by a modest recovery. Traders like CrypNuevo are optimistic, predicting a potential rise to $67,000 if support holds through the upcoming volatility, especially with the month-end close approaching.
Powell’s Speech and U.S. Unemployment Data Could Sway the Market
All eyes are on Federal Reserve Chairman Jerome Powell, who is set to speak at the National Association for Business Economics conference. Powell’s remarks could influence expectations for a 0.5% rate cut at the November FOMC meeting. Additionally, U.S. unemployment data set for release this week could serve as a catalyst for further Bitcoin volatility, adding complexity to the market dynamics.
Rektember Rally: Strong Finish for September
Contrary to expectations of a “rekt” month, Bitcoin is set to close September with gains of approximately 9%, making it one of the strongest Septembers in recent history. With October—often referred to as “Uptober” by the crypto community—on the horizon, historical data from CoinGlass suggests that the month could see average gains of 23%, potentially driving Bitcoin to new all-time highs.
Retail Interest in Bitcoin Surges as Coinbase Rises in App Rankings
Retail interest in Bitcoin is making a comeback, with Coinbase re-entering the top 400 apps in Apple’s App Store. Historically, when Coinbase climbs into the top 200, it signals the start of a bull market. The positive Coinbase premium, which compares BTC prices on Coinbase versus Binance, further underscores the renewed interest from retail investors.
Young Whales Are Selling, But Older Whales Hold Steady
On-chain analysis reveals shifting behavior among Bitcoin whales. According to CryptoQuant, younger whales (active for less than six months) have taken advantage of recent price rallies to lock in profits. Meanwhile, older whales, inactive for over 155 days, are holding their positions, indicating reduced selling pressure and potentially supporting a further price rebound.
Bitcoin, Jerome Powell, support level, Coinbase
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