For many weeks since June 2023, Bitcoin price movements have been rather boring and uneventful. However, the color seems to be coming back to the charts, as the crypto looks to be on the rise again.
Nothing But Sideways for BTC Price
It’s been a rather sideways affair for the cryptocurrency, as the market seems to look dead. This sideways movement pretty much started in June, with the price ranging between $29,000 and $31,800. It then adjusted its range to between $28,000 and $30,300 for about a month before a huge dip shaved 13% off the price on the 17th of August. This huge dip coincided with when a report was released that Elon Musk’s SpaceX had reduced the amount of BTC they were holding by a significant percentage.
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As things would happen, the dip happened to be nothing more than a harbinger of another sideways movement that would last for close to another month. During this time, the price of BTC spiked once by 8% on the 29th of August when a court ruled that the United States SEC should have approved GrayScale’s application for a spot Bitcoin ETF. The rise lacked sustenance, though, as the BTC price fell by another 8% in the next couple of days. And since then, up until the 11th of September, it was the same sideways story.
Light at the End of the Tunnel?
There may be light at the end of the tunnel for Bitcoin price, though, as the market looks to be getting active again. And this time, the bulls are looking good. From the 11th of September, BTC steadily rose from its 12-week low of $24,900. This steady movement had more purpose to it, with the price forming bullish structures of higher highs and higher lows until the last high of $28,100 on the 1st of October.
Could this be a sign of the next bullish run that many analysts have predicted? We’ll see how things play out.
Also Read: Bitcoin ETF: Bloomberg Analyst Thinks Approval Not Good Major Crypto Exchanges
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Disclaimer: Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
