Price of Bitcoin looks set for best September in seven years, despite historical slump
The price of Bitcoin (BTC) drifted back to the $26k area over the weekend, retracing the majority of the gains made last week.
The market leader is down three per cent over the past seven days. Despite the poor performance, Bitcoin surprisingly remains on course for its strongest September for seven years. September is traditionally a poor month for crypto investors.
All eyes this week will be on a potential US government shutdown, with hard-right factions of the US congress pushing for deep cuts that analysts say will likely force a confrontation over federal spending. A shutdown sees all federal agencies have to stop all non-essential work, with a knock-on impact on businesses that work for governments and across financial markets.
Friday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.019 trillion
🔻 0.38%
What Bitcoin did yesterday
🔺 Daily high $26,716
🔻 Daily low $26,221
Bitcoin market capitalisation
🟠 BTC $508.3 billion
🟡 Gold $12.813 trillion
💳 Visa $488.91 billion
Bitcoin volume
🪣 Total spot trading volume $11.88 billion
🔺 1.77%
SP500
🔻 0.23%
FTSE/JSE Top 40
🔻 0.37%
Fear and Greed Index
Bitcoin’s market dominance
📊 49.85
Relative Strength Index (RSI)
💪 43.21
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
Whether you’re a Bitcoin expert or a total newbie – or even somewhere in between – you can now join the new HODLers Telegram community to learn more …. or share your insights with others!
Our goal is simple: to provide a safe place where people can ask any question they want about Bitcoin, even if they think it’s a daft one! Learning Bitcoin takes time and we generally have the same questions when we first encounter it, so we know from our own experience having somewhere to ask a real person a specific question can be of great value!
There’s also access to great learning resources and, to cap it all off, we run monthly competitions to win great prizes such as tickets for events, VIP passes, exclusive access to talks and webinars or even just some Sats to add to your stack, all courtesy of our partners!
Even better, the whole thing is completely FREE!
So, if you’re a beginner, or know someone who is, take our fun five question multiple choice quiz and join the group today. Of course, if you’re an expert, you’re also welcome to join and help others who are looking to understand Bitcoin as an asset and the industry as a whole.
T’s and C’s: Open to UK residents only. All ages are welcome in the community, but you need to be over 18 to enter competitions. No purchase required.
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
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Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.