Bitcoin September Update For Scalpers

For the second consecutive week, the price of bitcoin ended below its 200-day exponential moving average (EMA), but it has since surged beyond $60,000 in the last 24 hours. It appears from multiple charts that long-term investors are not deterred by the present market movement. After August, is a bullish breakout possible?

The long-term holder realized cap for bitcoin reaches $3 billion.

In 2024, the price of Bitcoin BTC has only closed three times below the 200-day EMA. The first bearish closing below the 200-day EMA occurred on July 4, as the chart below illustrates. In fewer than ten days, the Bitcoin/USD pair recovered its position above the EMA. This time, the asset returned above the indicator in less than a day, indicating that bullish momentum is gradually increasing this week.

There are two types of bitcoin investors: long-term holders (LTHs) and short-term holders (STHs). Their preferred times and trading tactics differ. STHs are traders or investors who use day trading or scalping strategies with the goal of generating rapid returns in a condensed amount of time. Retail or low-to-medium net-worth people or entities make up a large portion of these. Read: 3 reasons why Bitcoin won’t be ‘boring’ in September

Conversely, long-term hold (LTH) traders engage in a buy-and-hold strategy for a minimum of six months. In the age of Bitcoin ETFs, many of these entities are high-net-worth individuals or huge corporations. According to recent data, the realized market capitalization change for the LTH was positive $3 billion, which was originally noted in December 2023.

The total of all realized gains less all realized losses is the Bitcoin realized cap. Put otherwise, the total value has entered the Bitcoin blockchain, less the capital that has left due to losses.

Bitcoin miners’ pressure to sell drops

Due to a decline in their net flow in the second quarter of 2024, bitcoin miners have been selling their cryptocurrency through exchanges. But during the last two weeks, the selling pressure has subsided as miners’ reserves start to exhibit indications of a trend reversal toward buildup.

According to the data, the selling pressure from miners lessened dramatically in August, indicating that by the end of the month, Bitcoin might stabilize at its present price range.

Supply ratio for stablecoins is optimistic.

One of the main pro-Bitcoin arguments has been the increasing global liquidity, or the global money supply (M2). The stablecoin supply ratio, or SSR, shows how much liquidity is available in terms of stablecoins that may be used to purchase Bitcoin, just like global liquidity does.

The market cap ratio of all cryptocurrencies to the total market cap of all stablecoins is known as SSR. A falling ratio suggests that there is greater liquidity available to purchase assets because the stablecoin supply is increasing while the market capitalization is trailing.

The SSR ratio is currently below levels seen in early February 2024, indicating a lot of market liquidity that may soon lead to a rally. The market capitalization of all stablecoins has risen to a new record of $165 billion, according to Julio Moreno, head of research at CryptoQuant. “This suggests greater liquidity in the cryptocurrency markets,” he continued.

BTC price is getting closer to the $62,000 “ChoCH” milestone.

With a 4.50% recovery over the last two days, Bitcoin has seen a bullish comeback following a dismal weekly close. With potentially bullish ramifications, Bitcoin is seeking to break above a declining expanding channel pattern. Read: Insights on $BNB Token News in June 2024

Strong resistance, though, exists for Bitcoin just above the pattern around $61,700. That price point also coincides with a confluence of the 50-day and 100-day EMAs, suggesting that it may yet reject a bullish breakout. A bullish reversal will be validated if Bitcoin is able to surpass $62,737 and the collective barrier provided by the EMAs. This may lead to a market signal in September known as “ChoCH” or “Change of Character,” which is an indication of trend reversals.