Bitcoin is attempting a slight recovery, but closing above the $60,000 market will be the first step to achieve before BTC and altcoins can bounce from their recent lows. The S&P 500 Index (SPX) rose marginally by 0.24% last week, but Bitcoin (BTC) succumbed to selling pressure and fell nearly 11%. The big question worrying investors is whether Bitcoin will resume its uptrend or has it already topped out.
However, the whales do not seem to be perturbed by the sideways price action and have been on a buying spree. According to a post on X by market intelligence platform Santiment, Bitcoin whale wallets holding 100 Bitcoin or more surged by 283 wallets to 16,129 wallets, the highest in 17 months.
Bitcoin could be under pressure in the near term as September has historically been a weak month for Bitcoin, with an average return of -4.45%. However, market participants are looking further out, expecting a strong performance in October, which has an average return of 22.90%, according to CoinGlass data. Could Bitcoin stay above $55,724, extending its sideways price action? Will that attract buying in altcoins?
Source: https://cointelegraph.com/news/price-analysis-9-2-spx-dxy-btc-eth-bnb-sol-xrp-doge-ton-ada
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