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Bitcoin was on track Friday to snap a three-week losing streak, with the cryptocurrency hovering near $111,650 in Sept. 5 trading. BTC has gained 2.8% so far this week.
Analysts pointed to $111,800, the level of the 100-day moving average, as the first major resistance. “A sustained move above this threshold could fuel further upside momentum,” they said.
Bitcoin has been recovering from a mid-August high of $124,517, followed by a pullback that found support around $107,300.
On Friday, the cryptocurrency opened at $110,800, up 2.35% from the previous week’s close of $108,270, when it fell 4.59%.
U.S.-listed bitcoin exchange-traded funds (ETFs) saw net inflows of $275 million this week, a supportive signal for sentiment.
Still, traders noted that bitcoin’s muted performance stands out against a weaker dollar index (DXY) and mounting expectations for U.S. Federal Reserve rate cuts.
Market watchers say September’s Fed meeting is largely priced in, with one more jobs report and an inflation release due before the decision. “If both data points reinforce the case for deeper rate cuts, Bitcoin could gain momentum,” analysts said.
Bitcoin’s seasonal trend also looms over traders. In six of the past eight years, BTC ended September lower.
The exceptions were the last two years, when gains of 3.91% and 7.29% were recorded.
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