Bitcoin has recovered the crucial $60,000 price level for the first time since Aug. 30, but this time it is unusual as it indicates increased interest from institutional investors, according to cryptocurrency analysts.
“This time is different,” crypto analyst Rajat Soni said in a September 13 tweet. postSoni explained that Bitcoin (BTC) has been “stabilizing above” $50,000 for over six months.
However, the last time it surpassed the $50,000 mark was in 2021, and interest in the asset was primarily from retail investors.
“Prices struggled to stay above $50,000 as most of the buying was done by retail investors, who are notorious for buying and selling based on emotion.”
“Institutional investors are here and ready to buy anything retail investors want to sell,” Soni argued. “If you sell, be prepared to pay significantly more to get the same amount back,” he warned his 96,900 followers.
Bitcoin is up 4.25% since Sept. 12 and trading at $60,596, according to CoinMarketCap. data.
Bitcoin is up 12.40% over the past seven days. Source: CoinMarketCap
After Bitcoin surpassed the $60,000 mark, anonymous crypto trader Jelle speculated that Bitcoin could buck its usual downward trend in September.
“Bitcoin is currently on track to finish September in the positive,” Jere said. WrittenTraders noted that the company has only achieved a “green close” in September three times before – in 2015, 2016 and 2023.
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September was Bitcoin's worst month, with the asset posting an average monthly loss of 4.49% over the past 11 years, according to data from CoinGlass.
Meanwhile, Into The Cryptoverse founder Benjamin Cohen noted in a Sept. 14 post that this was “the highest close for BTC dominance throughout the cycle.”
According to TradingView, at the time of writing, Bitcoin's market share is 57.80%. data.
Meanwhile, Reflexivity Research co-founder Will Clemente said in a September 13 post “BTC technically shows some signs of recovery.”
“We would be looking for a recovery of the 200-day moving average that would coincide with a six-month high before we start considering altcoins,” Clemente added.
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This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
