Glassnode’s Co-Founders share insights about Bitcoin’s potential performance in September, noting optimistic signals from the relative strength index (RSI). However, a critical level presents a hurdle.
The co-founders of crypto analytics firm Glassnode, Jan Happel and Yann Allemann, known as Negentropic on X social platform, anticipate a promising trajectory for Bitcoin (BTC) in the coming month. The duo highlights Bitcoin’s relative strength index (RSI) as a bullish indicator as September approaches.
While the RSI, situated just below 30 on the scale, usually indicates an oversold zone, the co-founders emphasize that a dip below the crucial $25,500 mark could complicate an upward move.
The August journey of Bitcoin has intrigued the crypto community. The daily RSI draws parallels with patterns from June 2022, stirring curiosity about September. Key considerations revolve around potential challenges under $25,500 and the lack of buy orders beyond $26,000.
Chart Analysis and Current Dynamics
Chart analysis reveals short-term energy waning, potentially influencing the $25,200 level, distinct from the neutral long-term perspective. September holds promise as the RSI signals a possible resurgence. However, a cautious approach is necessary due to the potential difficulty in breaching the $25,500 threshold and surpassing the $26,000 mark. This balancing act will shape Bitcoin’s path forward. The co-founders underline that although bears currently dominate the market, the pace of BTC selling is slowing down. They are closely monitoring for signs of a relief rally, which could lead to Bitcoin retesting the $27,000 level.