Bitcoin price is attempting to break out of its current downward trend

Syed AhadWeb Editor

05th Sep, 2021. 07:10 pm
Bitcoin

In spite of the dreary bitcoin presentation in September in history, this current year may be an outlier to this movement if the present market momentum perseveres.

Bitcoin (BTC) has been brawling to break the $50,000 mark for over 10 days now.

But, on Sept. 2, the finest cryptocurrency concisely exceeded the milestone, referring to optimistic waves through the market. Since then, the token has fallen below the mark to trade in the $49,000 range previously recovering to hit the $50,000 mark yet once more on Sept. 3.

In history, September has been one of the more dreary months for BTC. A look at the monthly price statistics since 2013 discloses that the token has sent optimistic gains in September two times in eight years — in 2015 and 2016 — with an extreme of 6%, which could be measured to be nearly flat.

Pete Humiston, manager of Kraken Intelligence — the research division of the Kraken exchange — said about what this tendency can mean for this year:

“September is historically Bitcoin’s worst-performing month. That said, it has been verging on $50,000 for the past three weeks or so now. Should Bitcoin stage a breakout above this psychologically significant milestone, it could renew investor interest and spark the momentum needed to carry it all the way back to $60,000.”

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