Bitcoin: Glassnode Co-Founders Share Bullish September Optimism
Glassnode's co-founders, Jan Happel and Yann Allemann, who go by the name "Negentropic" on X social media, are optimistic about Bitcoin's potential performance in the upcoming month.
They point to Bitcoin’s relative strength index (RSI), a momentum indicator, signaling positivity for the cryptocurrency as September approaches.
However, they caution that a drop below $25,500 could pose challenges for a recovery. The RSI, currently just under 30 on a scale of 0 to 100, suggests an oversold market.
In their analysis of August trends, echoes of June 2022 emerge, and questions arise about breaking below $25,500 and limited buying above $26,000. Short-term momentum, reflected around $25,200, contrasts with a more neutral long-term outlook.
September holds potential as the RSI hints at resurgence, yet caution is urged due to potential struggles around the $25,500 floor and the $26,000 barrier.
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The co-founders observe a slowdown in Bitcoin selling despite prevailing bearish sentiment. They anticipate a relief rally aiming to retest the $27,000 level, especially if BTC surpasses the $26,500 support-turned-resistance level.
Bitcoin trades at around $26,000 in the present market, indicating a slight 0.2% drop over the last 24 hours. The co-founders’ insights focus on Bitcoin’s RSI, underscoring the delicate balance between positive signals and potential challenges ahead.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
