Bulls seem to be relatively more active than earlier in the crypto market, with most tokens registering gains and resulting in positive crypto market trends.
After witnessing slight losses in August 2024, Bitcoin looks set to see net gains in September 2024. If it holds its current price graph for the next three days, it could end the month in the green. Moreover, this scenario is also possible among other tokens this month. On a broader basis, crypto market trends have stayed optimistic.
Two main factors could have driven this market rally over the last few days. First, inflows to the spot Bitcoin ETFs have been gradually rising. According to official data, in the last 20 days, there have only been about two days of outflows. This could hint towards greater participation of both retail and institutional investors in the crypto market. The spot Bitcoin ETFs saw cumulative inflows of around $365 million on September 26 alone.
Second, BTC is trading well above its 20-day moving average. It has also gone above its 50-day and 200-day moving averages. This may indicate a positive shift in investor sentiments across the crypto market.
Bitcoin had also been facing resistance at $64,000 throughout the month. Now that it has overcome it, consolidation in the next few days could help it hold the bullish trajectory in the short term.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,400 on September 27, 2024, with BTC/USD trading higher by a margin of around 2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,000), as BTC’s 24-hour volume was at approximately $37 billion. The global crypto market cap increased by around 3%, trading above $2.3 trillion. BTC’s year-to-date returns are above 55%.
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