Why is Bitcoin Price Rising Today? Check out the analysis!

Bittime - Bitcoin is back in the spotlight with a significant price spike that attracts the attention of traders and investors. After experiencing a decline to alarming levels, the crypto market saw a rapid recovery that was largely attributed to Michael Saylor's public statements. 

This article will explain the reasons behind Bitcoin's recent surge, market metrics, as well as the role played by Michael Saylor in fueling the renewed optimism.

Latest Bitcoin Price Movements

On September 5, Bitcoin fell to a range between $56,600 and $52,500, which sparked major concerns in the market. Historically, September is known as a challenging month for the largest crypto asset, often referred to as a “red” month due to its bearish trend. 

With memories of the Aug. 5 drop to $49,000 still fresh, this latest plunge brings fresh anxiety. However, on September 9, Bitcoin defied expectations with a 6.52% surge that surprised many. 

This recovery gave rise to discussions about what might have driven the sudden upward momentum.

Also read: BTC Price Prediction: All-Time Highs Break After Crossing $57,000

Technical Indicators Show Positive Momentum

Analyze movement Bitcoin price now or recently, key technical indicators reflect bullish sentiment. Within 24 hours, the cryptocurrency ecosystem's market capitalization increased by 2.51%, pushing the total market value to $2.09 trillion. 

Bitcoin managed to cross the 20- and 50-day moving averages, indicating positive momentum. However, the price stalled at the 100-day moving average, where it fell again to test the $56,600 support level.

The Relative Strength Index (RSI), which is an indicator of market sentiment, is at 61, indicating a bullish trend. Meanwhile, the Crypto Fear and Greed Index, which previously showed a high level of fear at 26, improved to 33, indicating a slight reduction in overall market fear.

Investor Sentiment and Key Market Metrics

Market data shows that most Bitcoin investors are still in a profitable position, with 79% of them buying BTC below the price of $56,960. A large number of addresses—4.55 million—holding 2.26 million BTC had an average purchase price of $58,690. 

However, there is strong resistance ahead of the $60,000 level, where 6.93 million addresses holding 3.14 million BTC are clustered. This resistance zone, stretching up to $72,500, could pose a challenge to further upside movement.

In addition to these metrics, the market sees changes in liquidation patterns. In the last 24 hours, $128.42 million worth of trades were liquidated, with most of the liquidations coming from short positions. Bitcoin led the trend with $43.85 million in liquidations, followed by Ethereum at $31.98 million. 

Interestingly, even Dogecoin, which tends to follow Bitcoin's movements, saw $2.57 million in short liquidations.

Michael Saylor's Impact on Bitcoin Price

On September 9, Michael Saylor, founder and chairman of MicroStrategy, appeared on CNBC to discuss Bitcoin's long-term potential. Saylor has not hesitated to express his confidence in Bitcoin, highlighting the significant profits his company has made from Bitcoin investments. 

Since August 2020, MicroStrategy has acquired approximately $8.3 billion in Bitcoin, with a return of 825%, outperforming even the top companies in the S&P 500.

Saylor dismissed concerns over recent outflows from spot Bitcoin ETFs, explaining that it creates more demand and emphasizes Bitcoin's liquidity. 

In the interview, he also made a bold long-term prediction, stating that Bitcoin could reach $13 million in 21 years, and advised investors to hold the asset for superior performance.

Conclusion

Saylor's optimistic outlook, coupled with his company's impressive returns, appears to have sparked a wave of positive sentiment in the market. After his interview aired, Bitcoin began showing an upward movement of 7%, reinforcing the idea that confidence in this crypto asset remains strong.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.