Defying typical September trends, bitcoin's resilience hints at a potential breakout from its prolonged downtrend.
Bitcoin defies the odds with a 22% surge from the month's low, challenging September's bearish reputation.
The analysis reveals that the longest trading range occurred between $8,865 and $9,752, lasting for 155 days. That's not surprising as it coincided with the 2018-2019 market cycle. During this time, bitcoin was consolidating after the post-2017 bull-market peak and before the recovery that started in mid-2019. Notably, this excludes the depths of the bear market from November 2018 to May 2019, when bitcoin was trading below $5,000.
This historical perspective suggests that bitcoin can continue to trade in its current range until the end of October without breaking out, based on past behavior. It’s a stark reminder that bitcoin often moves in extended cycles of consolidation, only to make significant moves when least expected.
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