Bitcoin (BTC) has made a sharp comeback from its August low of $49,000, but history does not support the continuation of the recovery in September. According to CoinGlass data, Bitcoin has dropped an average of 4.78% since 2013. In the past seven years, Bitcoin has witnessed a positive monthly gain only in 2023. However, that has not deterred investors from buying Bitcoin-related exchange-traded products (ETP).

CoinShares’ latest report shows that Bitcoin-related ETPs witnessed $543 million in inflows last week. Bitcoin has largely been stuck inside the $55,724 to $73,777 range for the past several months, indicating a tough battle between the bulls and the bears for supremacy. The longer the time spent inside the range, the greater the force needed for the price to break out from it.

Bitcoin is finding it difficult to rise above the $65,000 resistance, but a positive sign for the bulls is that they have not ceded ground to the bears. The 20-day EMA ($61,353) has started to turn up, and the RSI is maintaining in the positive territory, indicating that the bulls have the advantage.

If the BTC/USDT pair rebounds off the 20-day EMA, the likelihood of a rally to $70,000 increases. The bears are expected to mount a strong defense in the $70,000 to $73,777 zone. On the downside, a break and close below the moving averages could open the doors for a fall to $55,724, where the buyers are likely to step in.

Lastly please check out the advancement’s happening in the cryptocurrency world

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