[Sept.9] Market picks up as Bitcoin floats above $47K

Bitcoin has picked up its pace after treading around $45,000 on Wednesday. While September was always regarded as a weak time for Bitcoin, a stronger rise is expected in November.

At press time, Bitcoin was trading around $47,067 (Sept. 09, 2:10 PM UTC) with a 24-hour price change of 1.89%. It reported a sharp increase in value after trading at $47,500 just 1.5 hours before, a usual occurrence in the cryptocurrency market.

Last week, Bitcoin’s Crypto Fear and Greed Index, which measures market sentiment, reached the “extreme greed” level, according to Arcane Research. This is mainly due to the long period of low volatility.

Recent regulatory action against the market had likely contributed to the plunge. However, Bitcoin was higher Thursday after the European Central Bank (ECB) revealed it would reduce the pace of asset purchases under the Pandemic Emergency Purchase Programme (PEPP) program.

Coming to the largest Altcoin, Ethereum fell about 9% in a week, while Bitcoin fell 5%. The ratio of Ethereum / Bitcoin (ETH / BTC) has maintained short-term support of around 0.06 after falling from the resistance level of 0.08. Buying will likely increase, especially if Ethereum maintains support above $ 3,000 this week.