Why Bitcoin is Rising Today: Key Market Metrics Explained

Why Bitcoin is Rising Today: Bullish Trends Defy September Fears

On September 5, Bitcoin fell into a critical zone between $56,600 and $52,500, causing concern among investors. Historically, September has been a bearish month for the largest cryptocurrency, and many feared another drop similar to August 5 when Bitcoin touched $49,000 twice in one day. This recent fall under $56,600 amplified tension in the market, but a sudden shift occurred on September 9, surprising everyone.

Bitcoin’s 4-Hour Chart: A Bullish Turnaround

Analyzing the Bitcoin 4-hour chart on TradingView, we can see that within the last 24 hours, the total cryptocurrency market cap increased by 2.51%, reaching $2.09 trillion. Bitcoin surged by 6.52%, breaking past the 20 and 50 Moving Averages (MA), though it hit resistance at the 100 MA. The RSI is at a bullish 61 points, while the Fear and Greed Index moved from 26 to 33, showing reduced market fear. Bitcoin now sits around the crucial $56,600 support level.

Market Metrics and Investor Sentiment

Data from IntoTheBlock shows that 79% of Bitcoin investors bought under $56,960, placing them "in the money." This leaves 13% in a loss and 8% at the current price. Significant resistance looms at $60,000, with 6.93 million addresses holding BTC between $61,396 and $72,500. This $11,000 price gap adds considerable market pressure.

Liquidation Data: Bullish Signal

In the last 24 hours, there were 39,647 liquidations, amounting to $128.42 million. Notably, the majority of these were short trades, which is typically a bullish signal. Bitcoin led the way with $43.85 million in short liquidations, followed by Ethereum at $31.98 million. Dogecoin, often following Bitcoin's price trends, saw $2.57 million in short liquidations.

Michael Saylor’s Confidence Boosts Bitcoin

On September 9, Michael Saylor, CEO of Microstrategy, appeared on CNBC and shared his company’s massive gains with Bitcoin. His statements reinforced confidence in Bitcoin’s long-term potential. Saylor projected that Bitcoin could reach $13 million in the next 21 years, which likely contributed to the market's upward movement.

Conclusion: Why Bitcoin is Rising Today

Following Saylor’s interview, Bitcoin’s price surged by 7%. This sudden movement, combined with reduced market fear and the liquidation of short trades, signals that Bitcoin is gaining momentum, even during a historically challenging month like September. Bitcoin whales are seizing this opportunity to accumulate, further fueling the market’s optimism.

Also Read:- Crypto Scammers Exploit iPhone 16 Launch with Deepfake Video