{"id":645098,"date":"2024-09-28T06:30:06","date_gmt":"2024-09-28T06:30:06","guid":{"rendered":"https:\/\/wncen.com\/?p=645098"},"modified":"2024-09-27T14:29:46","modified_gmt":"2024-09-27T14:29:46","slug":"bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why\/","title":{"rendered":"Bitcoin Set For Biggest September Gains In A Decade: Here\u2019s Why"},"content":{"rendered":"

Bitcoin (BTC) looks poised to record its best September in a decade, surging past $65,000. This uncharacteristic price appreciation could be attributed to several key factors.<\/span><\/p>\n

Reasons Behind Bitcoin\u2019s Impressive September Gains<\/span><\/h2>\n

Historically, September has consistently been the worst month for BTC in terms of price performance. However, the apex cryptocurrency is now on track to post its best September in at least a decade, driven by several macroeconomic developments.<\/span><\/p>\n

Related Reading: Bitcoin Could Top At $400,000 Based On This Model, Analyst Says<\/a><\/div>\n

On September 18, the US Federal Reserve (Fed) initiated its interest rate cut cycle for the first time in four years, slashing rates by 50 basis points (bps) in response to slowing inflation and rising unemployment.\u00a0<\/span><\/p>\n

The rate cut immediately impacted risk-on assets, including BTC, which has appreciated by over 10% since the cut. In comparison, Bitcoin\u2019s average price decline in September over the past decade has been 3.45%, according to the chart below from CoinGlass.<\/span><\/p>\n

\"Bitcoin\"
September has typically been the worst month for BTC price | Source: CoinGlass.com<\/a><\/figcaption><\/figure>\n

According to the Fed’s decision, the European Central Bank (ECB) and the People\u2019s Bank of China (PBoC) lowered borrowing costs to stimulate their respective economies. This further propelled BTC\u2019s price towards its previous highs.<\/span><\/p>\n

Bitcoin halving is another key factor that could now be starting to show its effect on the digital asset\u2019s price action. Bitcoin underwent its halving earlier this year in April, reducing block confirmation rewards for miners from 6.25 BTC to 3.125 BTC.<\/span><\/p>\n

Past data indicates that halving has typically been a bullish trigger for Bitcoin due to the resulting supply scarcity. For instance, in May 2020, BTC price <\/span>rose<\/span><\/a> from roughly $8,900 before the halving to more than $64,000 by April 2021 – an 8x price surge in less than a year.<\/span><\/p>\n

Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. Since their launch, the cumulative net inflow for Bitcoin ETFs now totals $18.31 billion.<\/span><\/p>\n

Cautious Optimism Key To Riding The BTC Wave<\/span><\/h2>\n

While BTC appears to have shaken off its typical September slump, it\u2019s worth highlighting that the leading digital asset still needs to overcome certain <\/span>important<\/span><\/a> price levels before hitting a new all-time-high (ATH).<\/span><\/p>\n

Related Reading: Here Is Why The Bitcoin Bull Run Hasn\u2019t Started, According To Analyst<\/a><\/div>\n

As previously reported, Bitcoin\u2019s relative strength index (RSI) <\/span>fell<\/span><\/a> below 80 on the monthly chart, signaling that the cryptocurrency\u2019s bullish momentum might fade after an enthusiastic buying spree.<\/span><\/p>\n

In addition, a recent <\/span>report<\/span><\/a> by crypto exchange Bitfinex noted that despite Bitcoin\u2019s recent upward movement, it must decisively overcome a strong resistance level of $65,200 to continue its positive momentum. The good news for bulls is that BTC is holding steady at $65,674, up 2% in the last 24 hours.<\/span><\/p>\n

\"bitcoin\"
Bitcoin trades at $65,674 on the daily chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, Charts from CoinGlass.com and Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) looks poised to record its best September in a decade, surging past $65,000. This uncharacteristic price appreciation could be attributed to several key factors. Reasons Behind Bitcoin\u2019s Impressive September Gains Historically, September has consistently been the worst month for BTC in terms of price performance. However, the apex cryptocurrency is now on track to post its best September in at least a decade, driven by several macroeconomic developments. Related Reading: Bitcoin Could Top At $400,000 Based On This Model, Analyst Says On September 18, the US Federal Reserve (Fed) initiated its interest rate cut cycle for the first time in four years, slashing rates by 50 basis points (bps) in response to slowing inflation and rising unemployment.\u00a0 The rate cut immediately impacted risk-on assets, including BTC, which has appreciated by over 10% since the cut. In comparison, Bitcoin\u2019s average price decline in September over the past decade has been 3.45%, according to the chart below from CoinGlass. According to the Fed’s decision, the European Central Bank (ECB) and the People\u2019s Bank of China (PBoC) lowered borrowing costs to stimulate their respective economies. This further propelled BTC\u2019s price towards its previous highs. Bitcoin halving is another key factor that could now be starting to show its effect on the digital asset\u2019s price action. Bitcoin underwent its halving earlier this year in April, reducing block confirmation rewards for miners from 6.25 BTC to 3.125 BTC. Past data indicates that halving has typically been a bullish trigger for Bitcoin due to the resulting supply scarcity. For instance, in May 2020, BTC price rose from roughly $8,900 before the halving to more than $64,000 by April 2021 – an 8x price surge in less than a year. Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) continue to witness rising interest from retail and institutional investors alike, as they recorded $365.57 million in total net daily inflows on September 26, the largest since late July. Since their launch, the cumulative net inflow for Bitcoin ETFs now totals $18.31 billion. Cautious Optimism Key To Riding The BTC Wave While BTC appears to have shaken off its typical September slump, it\u2019s worth highlighting that the leading digital asset still needs to overcome certain important price levels before hitting a new all-time-high (ATH). Related Reading: Here Is Why The Bitcoin Bull Run Hasn\u2019t Started, According To Analyst As previously reported, Bitcoin\u2019s relative strength index (RSI) fell below 80 on the monthly chart, signaling that the cryptocurrency\u2019s bullish momentum might fade after an enthusiastic buying spree. In addition, a recent report by crypto exchange Bitfinex noted that despite Bitcoin\u2019s recent upward movement, it must decisively overcome a strong resistance level of $65,200 to continue its positive momentum. The good news for bulls is that BTC is holding steady at $65,674, up 2% in the last 24 hours. Featured image from Unsplash, Charts from CoinGlass.com and Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":645102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,8856,1119,78790,1558,15385,7918,14763],"class_list":["post-645098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-halving","tag-btc","tag-btcusdt","tag-cryptocurrency","tag-digital-asset","tag-federal-reserve","tag-rsi"],"acf":[],"yoast_head":"\nBitcoin Set For Biggest September Gains In A Decade: Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) looks poised to record its best September in a decade, having surged past $65,000 due to several key factors.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Tiwari","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/477dc73c26a35c18ca40f21a879a99b3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/477dc73c26a35c18ca40f21a879a99b3?s=96&d=mm&r=g","caption":"Ash Tiwari"},"description":"Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand. Ash\u2019s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance. In the NFT space, Ash\u2019s interest is driven by the technology\u2019s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash\u2019s research in this area often touches on the intersection of culture, technology, and community-driven projects. A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain\u2019s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries. Ash\u2019s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash\u2019s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.","url":"https:\/\/wncen.com\/author\/aisshwaryatiwari\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Set For Biggest September Gains In A Decade: Here\u2019s Why","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/bitcoin_dc348a.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/bitcoin_dc348a.jpg?fit=1920%2C1280"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Ash Tiwari"}],"creator":["Ash Tiwari"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","btc","btcusdt","cryptocurrency","digital asset","federal reserve","rsi"],"dateCreated":"2024-09-28T06:30:06Z","datePublished":"2024-09-28T06:30:06Z","dateModified":"2024-09-28T06:30:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Set For Biggest September Gains In A Decade: Here\\u2019s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-set-for-biggest-september-gains-in-a-decade-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/bitcoin_dc348a.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/bitcoin_dc348a.jpg?fit=1920%2C1280\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ash Tiwari\"}],\"creator\":[\"Ash Tiwari\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"btc\",\"btcusdt\",\"cryptocurrency\",\"digital asset\",\"federal reserve\",\"rsi\"],\"dateCreated\":\"2024-09-28T06:30:06Z\",\"datePublished\":\"2024-09-28T06:30:06Z\",\"dateModified\":\"2024-09-28T06:30:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/bitcoin_dc348a.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/645098"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/619"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=645098"}],"version-history":[{"count":5,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/645098\/revisions"}],"predecessor-version":[{"id":645113,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/645098\/revisions\/645113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/645102"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=645098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=645098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=645098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}