Recently, there have been emerging indicators suggesting that Bitcoin (BTC) might be on the verge of initiating a new bullish trend.
While these signals are relatively evident, they remain too faint to definitively claim that a bull run is imminent. Nevertheless, historical patterns lend credence to this theory.
Overview
Bitcoin (BTC) Price Increase
Over the past day, Bitcoin’s price has experienced a 1.3% increase.
This alone isn’t a decisive indicator since the current price mirrors levels seen on August 23 and is only marginally higher than two days ago.
The noteworthy aspect here is the potential shift in trend.
A correction began after mid-August and persisted until early September.
This correction stemmed from all-time highs and was not alarming; in fact, the lowest point reached at the start of this month matched what was recorded at the end of 2024’s peak.
A rally commenced on September 2 but appeared to stall around September 13 when it surpassed $116,000 before experiencing a brief dip back to $114,000—perhaps not even significant enough to classify as such.
The minor pullback observed between yesterday and today seems to have concluded with prices climbing back above $117,000 again.
Positive Indicators
The story doesn’t stop there!
A couple of emerging signals indicate that today’s upward movement may sustain itself for some time.
The first signal involves a further reduction in BTC selling pressure across cryptocurrency exchanges. Although this decline is modest, it has brought selling pressure down to unprecedented lows for this cycle.
If buying pressure increases even slightly—given how low selling pressure currently stands compared to mid-August when prices peaked above $124,000—it could significantly elevate prices further.
Dollar Weakness
The US dollar appears once again caught in a downward trajectory following its summer hiatus.
To be fair, while its descent initiated back in January hasn’t fully ceased since then—a rebound occurred in July followed by sideways movement through August—it now seems poised for another decline towards recent lows.
The Dollar Index had been adhering to an extended upward trend since 2008; currently positioned near approximately 96 points serves as its lower boundary.
Should it fall below this threshold—marking an end of nearly two decades’ worth of growth—it would indeed represent an extraordinary milestone.
It’s important not only because Bitcoin tends toward inverse correlation with Dollar Index over medium-term horizons but also signifies favorable conditions due largely towards dollar depreciation.
Moreover until yesterday BTC’s rally faced hindrances stemming from gold markets alongside US equities whose surges likely siphoned off capital from crypto assets however those gains seemed halted just yesterday though uncertainty lingers whether they’ve truly ended or merely paused temporarily.
Today’s Focus
Today holds potential for change.
Market participants are eagerly awaiting announcements regarding interest rates from The Federal Reserve.
Currently anticipated cuts include one totaling twenty-five basis points which seem highly probable yet perhaps more pressing concerns loom ahead at present.
Particularly upcoming reductions expected between now through year-end total seventy-five basis points including today’s announcement while projections suggest one hundred fifty overall by late twenty-sixteen comprising three additional cuts thereafter.
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