Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin and Equities Defy September Slump with Strong Q3 Performance

Bitcoin and Equities Defy September Slump with Strong Q3 Performance

CoineditionCoinedition2024/09/29 16:00
By:Coin Edition
  • Equities and Bitcoin surged in Q3, defying typical September downturns with strong performances.
  • Risk-on sentiment increases as hedge funds favor IT stocks and China boosts property support.
  • Bitcoin shows short-term weakness but may see further gains if bullish momentum returns.

Bitcoin and equities have closed out the third quarter of 2024 with strong performances, defying forecasts and avoiding the typical September downturns. The SP 500 has climbed 5.1% for the quarter, its best performance since 1997.

Bitcoin has surged over 7% this month, one of its strongest September performances ever. This signals solid sentiment, even as concerns linger in the broader market.

Goldman Sachs reports that hedge funds are actively placing three times more bets on increasing IT stocks than short positions.

Crypto Market Outlook: Can Bitcoin Sustain Momentum?

Market analysts expect the equity rally to face challenges as Q3 earnings reports begin in mid-October. High values in both equities and Bitcoin may be tested.

Read also: Crypto’s Correlation with Equities: A Closer Look at Market Trends

However, Bitcoin could benefit from any dip in equities due to its nature as a risk-on asset, particularly in the overall financial easing. Additionally, in the medium term, many market observers remain optimistic. A breakout above $70,000 could create further bullish momentum, positioning Bitcoin for additional gains in the months ahead.

Current Market Conditions and Technical Analysis

As of press time, Bitcoin was trading at $63,826.43, recording a decline of 2.91% in the last 24 hours, moreover, it reflected a slight pullback after a recent uptrend that peaked around $67,500. 

Read also: Overconfidence in Bitcoin’s Rally to $70K Spells Warning for Massive Correction

From a technical analysis, the MACD indicator shows a bearish crossover, with the signal line falling below the orange line, suggesting a weakening in bullish momentum. The MACD histogram is also declining, indicating a bearish sentiment. 

Bitcoin and Equities Defy September Slump with Strong Q3 Performance image 0 Bitcoin and Equities Defy September Slump with Strong Q3 Performance image 1 Source: TradingView

Moreover, the RSI stands at 62.26, showing a bullish condition but signaling a potential overbought scenario.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!