Bitcoin (BTC) has shown surprising bullishness over the past couple of weeks, despite September historically being the worst trading month for the world’s largest cryptocurrency.
Friday’s close at $26,600 marked a 2.6% weekly gain, or closer to 2.5% from the start of the month.
Weekend trades did chip away at this position, with incremental losses over Saturday and Sunday bringing the BTC/USDT pair closer to $26,500.
BTC/USDT remains 5.3% lower over six months – Source: tradingview.com
However, a burst of bullish engagement this morning sent the pair 0.75% higher to $26,730 at the time of writing, meaning bitcoin is now 3% stronger against the US dollar month to date.
All eyes are on the central banks this week, with the US Federal Reserve and the Bank of England expected to deliver their next interest rate announcements on Wednesday and Thursday accordingly.
The Fed is expected to keep the base rate at 5.5%, while another 25 basis point raise is anticipated from the BoE.
Any upside or downside surprise to these predictions could help push the dial on the BTC/USDT pair. For what it’s worth, Goldman Sachs (NYSE:GS) analysts are betting that the Fed raises its economic growth projections when policymakers gather on Thursday, which could lead to a short-term upside burst
Ethereum (ETH), the world’s second-largest cryptocurrency, fell more sharply over the weekend than bitcoin, having lost 1.15% against the US dollar.
EHT/USDT recovered somewhat in this morning’s Asia trading winding, adding 0.7% to $1,634 at the time of writing.
All of the blue-chip altcoin set are in the green week on week, with Toncoin (TON) leading the charge by adding over 38%. As such, the native token for the Layer-1 blockchain has cracked the top-10 table.
Global cryptocurrency market capitalisation currently stands at $1.06 trillion, with bitcoin dominance balanced directly on 50%.