• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home Cryptocurrency

      Bitcoin [BTC] Price Analysis – Monthly Returns

      Nivesh Rustgi by Nivesh Rustgi
      September 1, 2020
      in Cryptocurrency
      0 0
      0
      Bitcoin [BTC] Price Analysis – Monthly Returns
      197
      SHARES
      2.5k
      VIEWS
      Share on FacebookShare on Twitter

      With the beginning of a new month, the sentiments of cryptocurrency traders are running high with the surge in farm yields and token prices on DeFi platforms. Bitcoin [BTC] has been ranging between $11,000 and $12,000 for the past few weeks. The current possibilities point bullish towards 2019 highs, or a deeper correction up to $9,500. 

      BTC/USD 1-Day Chart with Volume Profile Indicator (TradingView)

      The Volume Profile indicator in the chart above denotes that the price is in the area of largest volume interest at the moment. A break below the $10,500 area could drive the prices to a lower range between $8,500 and $10,000. Nevertheless, the upside is likely to be more violent that the probable downside. 

      Supply-Side Analysis 

      On the supply side, September is the last month of the rainy season in China. For the next months, the electricity cost in the Sichuan region for mining will increase by about 20-30%. Due to the movement of some miners, we’re likely to see a dip in the hash rates which could ensure a short-term miner liquidation.

      The indicator below depicts the 30 and 60-day average total hash rate on the network. The vertical ribbon in May marks the halving. In mid-July, the positive cross of the 30 and 60-day average along with the 10 and 20-Day Moving Average signalled a buy. Currently, the average hash-rates are moving close indicating a slow-down in the surge since halving.

      BTC/USD Hash-Ribbons Indicator (TradingView)

      A bearish move in price could result in less profitability for miners and lead to shutdown for weak miners.

      Resistance and Support

      Bitcoin [BTC] broke above the resistance from the descending trendline last month in July. The break-out above resistance on a monthly scale provides confirmation of the beginning of a positive trend.

      bitcoin monthly chart
      BTC/USD Monthly Chart on Bitstamp (TradingView)

      Nevertheless, a possible long-term bullish view includes a test of the trendline again around $9500. This is consistent even with the previous bull cycle of 2016-2017 when there were considerable pullbacks of nearly 30-40%. The current local high in Bitcoin is at 12,475, a 30% pullback targets price as low as $8732.5.

      Bitcoin [BTC] Long-Term Price Analysis (Willy Woo)

      The weekly TD sequential count is currently on a positive 6. Hence, we expect a bullish continuation in the beginning half, followed by reversal towards the end of the month.

      Historic Returns

      The average monthly gain in August and September is 5.88% and -2.27%. In the last eight years, September has had a negative monthly closing in five on them. Nevertheless, on the years when halving took place, the gains were positive to the tune of 20.2% (in 2012) and 6.5% (in 2016).

      Monthly Gains on Bitcoin (Source)

      The monthly closing for Bitcoin is near its end and the 30-Day volatility in Bitcoin just over 2%. Moreover, the annualized volatility in Bitcoin [BTC] in September in the last two years have been considerably low following the highly volatile summer months. Could Bitcoin be settling down for another quieter fall?

      Bitcoin [BTC] Annualized Volatility (Source)

      Futures Market

      The weekly chart on CME is indicating a resistance from the long-term S&R trend line. The horizontal support from the $11,225 line is critical for the bulls, it is rejected it once and could continue to test the trendline yet again. A break-out and confirmation above it would be really bullish leading toward ATH at $20,000.

      The probable short-term movement of the futures prices could pivot around the horizontal support making a break towards the upside or a retest of the trendline. 

      BTC1! CME Futures Price (Source)

      The futures prices in Contango indicate that the market is bullish. The Open Interest on BitMEX and Okex is above $1 billion each for Bitcoin perpetual contracts. The Open Interest on Ethereum [ETH] perpetual is around $350 million each on OKex and Huobi and $211 on BitMEX.

      Expert View

      In an elaborate Twitter thread from on-chain and trend analysis, Willy Woo, suggested last week that Bitcoin [BTC] might experience a brief period of correction inside a long-term bullish trend.

      While the Open Interest and Volume on the CME and other futures platforms are strong, the GAP analysis points at a sweep of the $9,500 area. Woo notes, 

      This is the CME gap on the daily chart. It has so far had a 100% backtrace of filling.

      But also note the CME is quite new and certainly was not around in 2016 when we had a similar stage in the macrocycle.

      Moreover, he also suggests that the pullback could be deeper for altcoins favouring Bitcoin dominance in the next few weeks.

      Nevertheless, the DeFi yields and hysteria is running high at the moment looking forward to higher participation. The DeFi market expansion has been exponential, leading to hefty gains in their governance tokens. The size of the liquidity pools is increasing as well. This puts an upward buying pressure on Ethereum. The profits for these projects usually flow back into Ethereum and Bitcoin which looks fundamentally bullish.

      Furthermore, with the long-term bullish view still intact, the pullbacks are likely to be bought back quickly if reference from 2016 bull-cycle is taken as reference. 

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: btc analysisfeatured
      Share79Tweet49Share20

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      by Hitesh Malviya
      January 14, 2023
      0

      RINO, an enterprise-focused Monero Wallet, has recently launched a free Community Edition that allows everyone to benefit from some of...

      Learn How to Find Undervalued Coins

      Learn How to Find Undervalued Coins

      by Aniketh Paul
      October 29, 2022
      0

      Let's Learn How to Find Undervalued Coins using an amazing fundamental research tool called token terminal. Many times people judge...

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      by Aniketh Paul
      November 22, 2022
      0

      Token airdrop is the new trend in the market that is popping up in popularity after Aptos Token Airdrop Event....

      Top 10 Ways to Make Money in Crypto

      Top 10 Ways to Make Money in Crypto

      by Aniketh Paul
      October 19, 2022
      0

      Making money in every domain is challenging but in crypto, it’s totally different. There are many ways you can create...

      IOX Token Offers A High APY Per Day Through Staking Rewards And BNB Dividends

      IOX Token Offers A High APY Per Day Through Staking Rewards And BNB Dividends

      by Hitesh Malviya
      September 16, 2022
      0

      IOX is a new staking decentralized application (Dapp) that provides all users an excellent return on investment. Through IOX, users...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      Top 5 upcoming Token Airdrops (Step-by-Step Guides)

      November 22, 2022
      featured image

      List of ChainLink Partnerships which skyrocketed the growth of LINK cryptocurrency

      February 2, 2021
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      WTF is an xNFT? And Why Should You Care

      WTF is an xNFT? And Why Should You Care

      July 9, 2022
      Lens Protocol: Everything You need to Know

      Lens Protocol: Everything You need to Know

      November 18, 2022
      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      May 27, 2021
      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      January 17, 2023
      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      January 14, 2023
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      A Dummy’s Guide to Ethereum Rollups

      A Dummy’s Guide to Ethereum Rollups

      November 30, 2022
      Tezos Blockchain is Always Under the Radar but Continues to Excel

      Tezos Blockchain is Always Under the Radar but Continues to Excel

      November 22, 2022
      Lens Protocol: Everything You need to Know

      Lens Protocol: Everything You need to Know

      November 18, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29613 shares
        Share 11834 Tweet 7397
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9924 shares
        Share 3969 Tweet 2481
      • Top 10 Low market cap altcoins to invest in 2021

        7256 shares
        Share 2901 Tweet 1813
      • Top 10 NFT Crypto Projects You Should Know

        7255 shares
        Share 2619 Tweet 1637
      • List of leading partners of Ripple, and How they use XRP?

        5977 shares
        Share 2390 Tweet 1494
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.