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Reading: Bitcoin Bulls Hold Strong in the ‘Rektember’ Rally, Eyeing Record Gains
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Deythere > News > News > Bitcoin Bulls Hold Strong in the ‘Rektember’ Rally, Eyeing Record Gains
News

Bitcoin Bulls Hold Strong in the ‘Rektember’ Rally, Eyeing Record Gains

with a prominent bull symbol in the foreground representing Bitcoins bullish rally at the end of September. The Bitcoin sy
Milena Volodina
Last updated: September 30, 2024 11:48 am
By
Milena Volodina
Published September 30, 2024
3 Min Read
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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.

Contents
  • Bitcoin Defends $64K Support Level Despite Market Dip
  • Powell’s Speech and U.S. Unemployment Data Could Sway the Market
  • Rektember Rally: Strong Finish for September
  • Retail Interest in Bitcoin Surges as Coinbase Rises in App Rankings
  • Young Whales Are Selling, But Older Whales Hold Steady

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.

representing Bitcoins bullish rally during the end of September. The image features a large Bitcoin symbol with upward arr

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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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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