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Usually regarded as negative for the coin, Bitcoin shows a notable turning point for the first time since August 30 by reaching the $60,000 price mark. Based on CoinMarketCap statistics, Bitcoin is trading at $60,506 as of September 13—4.25% more than it did yesterday.
According to crypto researcher Rajat Soni, this rise is unlike past market swings. Soni underlined on a post on X that unlike in 2021 when retail investors drove the price movement, institutional investors now control the market as Bitcoin has been consolidating above $50,000 for more than six months. Soni particularly warned marketers: “institutional investors are here, and they’re ready to buy everything retail investors want to sell.”
Jelle, the pseudonymous trader, hoped Bitcoin may buck the usual September underperformance pattern. “Bitcoins are right now on track to close September in the green,” Jell said. Just historically, Bitcoin has only showed three times a positive closing in September: 2015, 2016, and 2023. With CoinGlass data, September has been Bitcoin’s worst month ever averaging 4.49% loss over the past 11 years.
Based on trading view statistics, market supremacy of Bitcoin is also growing as its domination approaches 57.80%. Benjamin Cowen, founders of Into The Cryptoverse, observed this rise as the “highest daily close for BTC dominance all cycle.”
Moreover presenting strong technical signs for Bitcoin was co-founder Reflexive Research Will Clemente. He claims that Bitcoin is almost reaching a 200-day moving average recovery, implying more good momentum and perhaps rekindling of interest in other currencies once more.
The market seems to be defying the typical September tendencies as Bitcoin recovers the $60,000 level, suggesting a possible attitude change motivated by institutional interest.
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