Can Bitcoin get a green monthly close above $64.3K?
Bitcoin’s summer illiquidity could carry on into September, but lower interest rates could kickstart the real bull market in early 2025, according to analysts.
Bitcoin’s summer lull could finally come to an end with a bullish breakout if it manages to close the month of August in the green.
To close August in the green, Bitcoin’s ( BTC ) price needs a monthly close above $64,300, which would require an over 7% rally from the current $59,960.
While the monthly candle close is difficult to predict, Bitcoin’s recent price action is a positive sign, according to Bitfinex analysts, who told Cointelegraph:
“Bitcoin reclaiming recently lost key levels like $64,000 and $61,500 are bullish signs… The current market is still illiquid, and we continuously have low-volume volatile moves. The current move lower is an unwinding of perps and spot long positions that had entered the market before the Jackson Hole conference.”

Bitcoin price has been struggling to trade above the $60,000 psychological mark. The world’s first cryptocurrency is down over 12% on the monthly chart, according to Cointelegraph data.
Bitcoin struggles to overcome $63,900 resistance
Analysts warned that the lack of liquidity characteristic of the summer could carry on into September and bring downside volatility.
Thus, Bitcoin will struggle to overcome the $63,900 resistance, according to Bitfinex Analysts, who added:
“Price is a reflection of historical market transactions, we must look under the hood. Price rallied up to the Short Term Holder (STH) realized price of around $63,900 currently and thus, we also saw some profit-taking from the STH cohort.”

Bitcoin’s average returns for the month of September were negative at -4.78% since 2013, according to analysts.
Lower interest rates could trigger Bitcoin bull market in early 2025: Nexo
Bitcoin price remains range-bound between $58,000 and $64,000 amid the summer illiquidity.
However, a period of lower interest rates could trigger Bitcoin’s parabolic run, according to Kristian Hapalampiev, the structured products lead at Nexo.
He told Cointelegraph:
“Should lower interest rates come into effect to create a strong tailwind for BTC, then the bull market may only be taking a breather now, before intense growth returns in early-to-mid 2025.”
Investors are increasingly expecting an interest rate cut from the Federal Reserve at its upcoming meeting on Sept. 18.

According to the latest data from the CME FedWatch tool, the odds of a 25 basis-point rate cut currently stand at 65.5%, while the odds of a 50 basis-point rate cut are at 34.5%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Worldcoin (WLD) Surges Amid Legal Challenges and Speculation on OpenAI Integration

Ethereum Boosts Altcoin Surge with Significant Rally
In Brief Ethereum surged nearly 20%, fueling a broader altcoin rally. Technical indicators show strength, yet new altcoin season debate persists. Growth in ETH and altcoins challenges Bitcoin's dominance amid market shifts.

Ethereum Outshines Bitcoin with Impressive Surge
In Brief Ethereum's price surged past $1,900, outpacing Bitcoin significantly. Institutional investments drove Ethereum's substantial upswing post-Pectra update. Potential record surge may push Ethereum above $6,000, exciting cryptocurrency enthusiasts.

Crypto Boom: Bitcoin Surges Amid Dramatic Market Shifts
In Brief Bitcoin has surged past $103,000, with altcoins seeing noteworthy gains. Strategists recommend seizing buying opportunities during altcoin corrections. Anticipated events could bring further volatility to crypto markets.

Trending news
MoreCrypto prices
More








