Author: Ciaran Lyons, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
A cryptocurrency analyst said that Bitcoin has reclaimed the key $60,000 price level for the first time since August 30, and the growing interest of institutional players shows that this time is unique.
"This time is different," cryptocurrency analyst Rajat Soni wrote in a post on X on September 13. Soni explained that Bitcoin has been "consolidating above $50,000 for six months.
However, The last time Bitcoin's price exceeded $50,000 was in 2021, when interest in the asset came mainly from retail investors.He noted:
"It is difficult for the price of Bitcoin to stay above $50,000 because most of the buyers are retail investors, who are known for buying and selling based on emotions. ”
Soni claimed that “institutional investors are here and they are ready to buy everything retail investors want to sell.” He warned his 96,900 followers: “If you are going to sell, be prepared to pay more to get back the same amount. ”
According to CoinMarketCap, Bitcoin is trading at $60,596, up 4.25% since September 12.
Bitcoin has risen 12.40% in the past seven days. Source: CoinMarketCap
After Bitcoin broke through $60,000, anonymous cryptocurrency trader Jelle speculated that the asset could rise in September
“Bitcoin is currently on track to close in the black in September,” Jelle wrote. The trader noted that Bitcoin has only previously “closed in the black” three times in September: in 2015, 2016, and 2023.
September is Bitcoin’s worst month, with the asset averaging a 4.49% monthly loss over the past 11 years, according to CoinGlass data.
Meanwhile, Into The Cryptoverse founder Benjamin Cowen noted in a Sept. 14 article that this was “the highest daily close for BTC dominance of the entire cycle.”
As of the time of this article’s publication, Bitcoin’s market dominance is 57.80%, according to TradingView.
Meanwhile, Reflexivity Research co-founder Will Clemente wrote in a Sept. 14 article that Bitcoin’s market dominance is 57.80%. In an article on the 13th, X said that "BTC's technicals are showing some early signs of life."
Clemente added: "Looking forward to a 200dma recovery, which would coincide with its first higher high in 6 months, to start paying attention to altcoins."
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