Bitcoin has surged back above the $60,000 mark for the first time since August 30, defying the typically bearish trends seen in September. According to crypto analysts, this time the rally feels different, largely due to increased interest from institutional investors.
Institutional Investors Drive the Surge
Crypto analyst Rajat Soni shared his thoughts in a September 13 post on X (formerly Twitter), stating that Bitcoin’s recent movement is unlike previous rallies. “This time is different,” Soni explained, noting that Bitcoin has been consolidating above $50,000 for over six months.
In contrast to its last major run in 2021—when retail investors primarily drove the price—Soni emphasized that institutional investors are now taking the lead. He remarked, “Institutional investors are here, and they’re ready to buy everything retail investors want to sell.” Soni further warned retail traders that selling now could force them to pay significantly more to buy back the same amount later, as institutional demand continues to rise.
Bitcoin Defies September Trends
Historically, September has been a difficult month for Bitcoin, with the asset averaging a 4.49% loss over the past 11 years, according to CoinGlass data. However, Bitcoin’s recent move to reclaim $60,000 suggests this trend may be reversing. Pseudonymous crypto trader Jelle noted that Bitcoin is on track for a “green close” this September, a rare occurrence that has only happened three times in the past decade—in 2015, 2016, and 2023.
Bitcoin’s current price stands at $60,596, up 4.25% since September 12, according to CoinMarketCap.
BTC Dominance Reaches New High
In addition to its price rally, Bitcoin’s market dominance—its share of the total cryptocurrency market—has also reached a significant level. According to TradingView, Bitcoin’s dominance stands at 57.80%, marking its highest daily close for this cycle, as noted by Into The Cryptoverse founder Benjamin Cowen. This dominance signals that Bitcoin is outperforming most other cryptocurrencies during this period.
Will Clemente, co-founder of Reflexivity Research, highlighted some technical indicators pointing to renewed strength in Bitcoin. In his September 13 post, Clemente observed “early signs of life” in Bitcoin’s charts and suggested that a move past its 200-day moving average could trigger further gains, including a possible shift in altcoin performance.
