Market Wrap: Bitcoin Enters September Slowdown; Cardano’s ADA at New High

Bitcoin withdrew from the $ 50,000 resistance level when the buyout signal appeared on Thursday’s day chart. BTC traded at around $ 49,200 at the time of the press, rising about 2% in the last 24 hours, compared to a 4% increase in Cardano’s ADA, which previously peaked at $ 3.09.
Analysts expect Bitcoin’s rise to be limited as Bitcoin enters a seasonally weak period. On average, Bitcoin returns are usually negative in September. However, the yield in November is relatively high. “Bitcoin is still higher than the 50- and 200-day moving averages, showing that positive trends are still valid, but moving slowly,” said Lukas Enzersdorfer-Konrad, chief product officer at Bitpanda. Stated in an email to CoinDesk.
Instead, traders turned their attention to altcoin, which has surpassed Bitcoin in the past month. However, some technical measures suggest that the relative performance of these altcoins could deteriorate later this month.