Bitcoin heads for fifth consecutive monthly green candle amid rollercoaster market conditions

exchange68September 12, 2024

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Quick Take

In an environment marked by tumultuous swings, Bitcoin is marching toward its fifth consecutive higher monthly close, resting roughly 1% higher than the Jan. 2024 opening value of $42,278.

Bitcoin monthly candles (source: TradingView)

This month was a rollercoaster ride for the digital asset, with peaks touching $49,000 and troughs sinking to roughly $38,500. The volatility was stoked by the eagerly anticipated launch of the spot Bitcoin ETFs, which initially spurred a sell-off but eventually bolstered recovery.

The period from September to December 2023 also recorded green monthly closes for Bitcoin, which saw Bitcoin shoot up from $25,000 to $45,000 in anticipation of the ETF.

However, such occurrences are relatively rare, underscoring the significance of this potential milestone. The two most recent noteworthy streaks were recorded between February to June 2019 and October 2020 to March 2021. Both periods marked five and six consecutive green monthly closes for Bitcoin, respectively.

Bitcoin Monthly Returns: (Source: Coinglass)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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