September Showers Bring Fall Gains

Bitcoin’s break above $50k earlier this week was both exciting and short-lived as the world’s largest crypto asset was met with serious resistance following its best 30-day performance since February. One of the key levels we’re watching is ~$51,100; this marks the 61.8% Fibonacci retracement level, which is often viewed as a key area of resistance.

DeMark Indicators are signaling trend exhaustion as well, as evidenced by the recent 13s reading, which often marks an inflection point in price trend; similar readings signaled the top back in February and the bottoms in June and July.

Historically, early September through early October has been a difficult period for BTC, and the rest of the cr