The price of Bitcoin is ending the third quarter on a positive note, showing its first rally in four days, and technical experts are looking at charts to see if it can withstand the nascent price increase.
Bitcoin's gain on Thursday caused it to rebound from the 100-day moving average line and appears to be forming a base around $ 44,000. These are two events that many analysts would consider positive. Its next test is the 50-day line, which currently costs about $ 45,700.
Meanwhile, Fed Chairman Jerome Powell said at a Congressional hearing on Thursday that he had no intention of banning cryptocurrencies. However, he added that stablecoins may be suitable for regulation.
Yesterday, Bitcoin increased by 6.6%, reaching the level of $ 44,015. Other digital assets also showed growth – Ethereum by 7%, and Ripple by 3.4%.
However, the main digital asset declined about 8% in September, which has historically been a tough month for a digital asset. Over the past decade, September is the only month that bitcoin has not yielded positive results. The coin has seen a calendar month decline in six of the previous 10 years, losing more than 6% on average.
Bitcoin has been hit in several ways over the course of the month, including the failed rollout of the coin as legal tender in El Salvador and tighter regulatory oversight in the US and China.
