Over the past year, Bitcoin has experienced a notable increase of 118.2%. Starting the year with a price of around $42,280, Bitcoin’s value has surged to its current price of $56,318. This year alone, the market has seen a rise of at least 33.7%. Let’s delve into what this year’s BTC price action reveals.
Bitcoin Price Action: A General Overview
From late January to mid-March, the Bitcoin market witnessed its most significant upward momentum of the year. By the end of this period, the price peaked at $73,682. Following this, the market entered a sideways phase, fluctuating between $71,500 and $52,000.
In April, Bitcoin experienced a decline of -14.75%. However, the months of May and July saw positive changes of +11.1% and +3.09%, respectively. Conversely, June and August registered negative changes of -7.02% and -8.73%, respectively.
Starting this month, the price hovered around $57,290. On September 6, it dropped to a monthly low of $53,905. Recently, the market has shown slight recovery, with the price reaching $57,601 yesterday. However, the current one-day chart of Bitcoin indicates a potential downward trend once again.
Bitcoin Yearly & Quarterly Price Analysis
Last year, Bitcoin’s market saw a substantial change of over +155.4%. Historically, since 2011, the market has posted a negative yearly change only three times: in 2014, 2018, and 2022, with changes of -57.6%, -73.3%, and -64.3%, respectively. The highest-ever yearly change occurred in 2013, with an astonishing +5,435% increase.
In the first quarter of this year, Bitcoin demonstrated an impressive change of +68.7%. However, the second and third quarters were disappointing, with changes of -12% and -10.3%, respectively. Historically, the third quarter has been unfavorable for Bitcoin, with only four instances of positive change in the last decade. However, the fourth quarter has a more optimistic trend, showing positive changes at least six times in the past decade.
Bitcoin Technical Analysis
Currently, Bitcoin’s Relative Strength Index (RSI) stands at 44.03, indicating that the market is in the overbought region. The RSI dipped below the 50-level on August 26.
The 50-day Simple Moving Average (SMA) is at $60,242, significantly higher than the present price range. The 100-day SMA is at $61,997, and the 200-day SMA stands at $63,942.
On September 9, Bitcoin’s price broke the 9-day SMA, which is currently valued at $56,193.13. The current price of Bitcoin is slightly above this SMA but remains close to it.
In conclusion, there is a high expectation that the Bitcoin market may experience strong positive momentum in the final quarter of 2024. Data trends also slightly support this positive outlook.
