In September 2024, Bitcoin (BTC) saw exceptional performance, marking its best September on record. This dramatic rise is largely attributed to the return of “Coinbase Prime,” a key indicator of demand from U.S. investors. A trend that could well propel BTC to new heights!
Bitcoin: an increase of 22% in three weeks!
Over the past three weeks, the price of BTC has increased by 22%, reaching levels not seen since August. On September 26, Coinbase premium hit a two-week high, indicating strong buying pressure from US investors. This premium measures the price difference between bitcoin on Coinbase and other exchanges, and is often used to gauge demand from U.S. investors.
This increase in Coinbase premium coincides with an increase in daily flows into Bitcoin ETFs. On September 26, these flows reached $365.7 million, as the BTC price reached new monthly highs. This suggests that institutional investors are starting to turn to bitcoin again, particularly after the rate cut earlier this month.
A long-term bullish pattern
On September 23, Bitcoin managed to close above $65,000, breaking a five-month downtrend. This “long-term high” (HTF) pattern indicates a possible new long-term uptrend. However, key resistance levels to watch now are $68,100 and $71,500, which BTC/USD failed to surpass this summer.
Historically, September has been a bearish month for Bitcoin, with the biggest gain previously recorded being a 6% rise in 2016. However, this year, Bitcoin appears to be defying expectations, paving the way for a potentially bullish fourth quarter.
Finally, the return of the Coinbase premium and increased flows into Bitcoin ETFs suggest renewed interest in BTC, from both institutional and retail investors. If this trend continues, Bitcoin could continue to surprise the markets in the months to come.
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