WILL BTC BREAK ITS PREVIOUS HIGH IN THE NEXT 3 MONTHS ?

BTC has become a hot topic among investors as the 1st US Federal reserve interest rate to have a major shift in monetary policy in on the table for Sept 18, the next month. This shift in sentiment is contributing to a growing risk-on appetite for risk assets, including Bitcoin. This trend is expected to positively influence Bitcoin price, potentially driving it higher.

Focusing on BTC price chart, the BTC/USDT pair is currently lying between the $58K – $61K range on the 4-hour timeframe.As BTC currently sits on crucial 4-hour support, the question arises: Will this renewed risk-on appetite help Bitcoin recover its recent losses?

Given the growing risk-on appetite and the potential for upcoming rate cuts, closely monitoring Bitcoin performance in September will be vital as it could set the direction for BTC in the coming months.Moreover, BTC’s Relative Strength Index (RSI) is nearing extremely oversold levels. While an immediate rebound may not occur, historically, such RSI levels have often preceded significant price reversals.

For now, BTC remains near the lower end of this range, so vigilance is necessary. Bitcoins price action, influenced by the growing risk-on appetite, could see a recovery from recent losses, especially if critical support levels hold. As of now, at the time of writing this article, BTC is trading nearly $60,600 and has seen a jump of 1.7% in its price in the last 24 hours.