Bitcoin has potential to reach $28,000, but journey might not be all smooth for bulls
Written by Tomiwabold Olajide
Bitcoin’s Uptick and Challenges
- Bitcoin reached highs of $26,460 in today’s session.
- Traders await the SEC’s decision on the launch of a spot Bitcoin ETF in the United States.
- September has historically been a challenging month for Bitcoin, with negative returns every year since 2016.
Bitcoin’s rise past $26,000 coincided with a buy signal from the TD sequential indicator.
If Bitcoin sustains a close above $26,800, it might reach $28,000. However, a decline below $25,300 would nullify this bullish scenario.
At the time of writing, BTC was up 1.08% in the last 24 hours to $25,909.
Bitcoin Bulls Face Uphill Task
In September, historically a bearish month for Bitcoin, the odds are stacked against BTC bulls.
Bitcoin is on track to create a bearish death cross signal on its daily chart for the first time since January 2022.
Cryptocurrency trading activity fell to its lowest level of the year in August, indicating waning investor interest.
The aggregate monthly volume of spot and derivatives trading decreased 11.5% to $2.09 trillion, the second-lowest monthly total since October 2020.
Bitcoin remains relatively unchanged for much of the first week of September.
Despite the challenges, the potential for an upside move remains for Bitcoin bulls.