Bitcoin Price Outlook for September – Market Updates Bitcoin News

Almost ten days since September, bitcoin market volume has started to pick up, as traders get back into action after the summer break. As volume returns, so does volatility, with this week showing both high levels of bullish and bearish sentiment in the token. Looking at the rest of the month, the main question is undoubtedly whether either of these can prevail or will the price consolidation continue for another month.

Current market status

Last Friday saw the release of the nonfarm payrolls (NFP) for August. This shows that 315,000 jobs have been added to the US economy.

While the labor market continues to be a cornerstone of optimism in the United States, that hasn’t been enough to take the spotlight off the inflationary crisis.

Despite better-than-expected NFP numbers, bitcoin fell to a two-month low the day after the data was released, falling below $18,600.

Since then, the price of BTC most have consolidated, trading between the $19,500 floor and the $20,200 resistance.

As of this writing, however, the token has rallied strongly in today’s trading session, with the price once again moving above $21,000.

Some attributed the rally to comments from Fed Chairman Jerome Powell, who both confirmed that rate hikes will continue, until “the job is done”.

Outlook for September

While writing this BTC/USD is currently trading at $21,224.86, which is the highest since Aug. 26.

The price seems to be heading towards the critical resistance of $21,650, if broken, the bulls can take bitcoin to $22,000.

If this happens, the relative strength index (RSI), currently tracking at 53.95, could be close to hitting a ceiling of 61.50.

BTC/USD – Daily Chart

Ultimately, in the short term, it looks like there will be an uptick in bullish sentiment, however as this sentiment picks up, the question is how long this can last.

Based on this, some might expect further consolidation in September, however, it could take place at a range higher than the August support and resistance levels.

A key indicator for September will be the RSI and the possibility of it breaking out of 61.50. If this happens, BTC will probably be above $23,000 by the end of the month.

At what price do you expect bitcoin to trade in a month’s time? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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