September’s forecast on the price of Bitcoin and should you stake long term?

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Last Updated on September 26, 2022 by Bitfinsider

The Current Market Status

The Non-Farm Payroll (NFP) figures for August were released on Friday. This indicated that the American economy gained 315,000 jobs.

Although the job market remains the cornerstone of American optimism, it has not been sufficient to divert attention from the inflationary dilemma.

The day after the data was released, Bitcoin (BTC) plummeted below $18,600, reaching a two-month low despite the better-than-expected NFP number.

BTC prices have largely consolidated ever since, fluctuating between a floor of $19,500 and a resistance of $21,596.

However, as of the time this article was written, the token’s price has risen sharply in today’s session, crossing $21,596 once more.

Some credit this surge to Jerome Powell, the chair of the Federal Reserve, who implied that rate increases would continue until “the work is done.”

BTC Forecast for September

BTC/USD is now trading at $19,580 as of this writing, which is its highest price since August 26.

Prices appear to be moving toward the $21,650 critical resistance mark, which if broken would allow bulls to push bitcoin to $22,000.

The Relative Strength Index (RSI), which is now tracking at 53.95, will probably be close to colliding with a ceiling of 61.50 should this occur.

In the end, there appears to be a surge in bullish attitude in the near term, but as this mood increases, doubts about how long this might be sustained will likely arise.

On the basis of this, some could anticipate another consolidation in September; however, it might occur at a range higher than August’s support and resistance levels.

The RSI and its potential breakout from 61.50 will be a crucial indication in September. If this occurs, BTC will probably be worth more than $23,000 by the end of the month.

Should you stake your token now?

If you own a cryptocurrency that uses a proof of stake blockchain, you are eligible to stake your tokens.

As of September 2022, the cryptocurrency exchange ProEX offers an Annual Percentage Yield (APY) of 2.2% for staking Bitcoin (BTC). 

Once you’ve decided to stake cryptocurrency, you’ll get the promised return when it’s due. You will receive your return from the program in the staked cryptocurrency, which you may then hold as an investment, offer for staking, or exchange for cash and other cryptocurrencies.

Why stake with ProEX?

ProEX is the world’s leading multi-contract trading platform, provides bitcoin and various cryptocurrencies, perpetual contract trading, ETF and other digital asset trading functions, Staking Pool services.

ProEX is committed to creating a better trading environment for our clients, ProEX has got MSB certificate(Money Services Business) from the United States and Canada, the USA MSB license was issued by FinCEN after being rigorously reviewed by the Financial Crimes Enforcement Bureau, an agency of the US Department of the Treasury.

ProEX Mid Autumn Staking Cake Event

As September is the month of Mid-Autumn Festival, ProEX is holding the “Mid-Autumn Staking Cake” event, ProEX have prepared a reward of up to 80,000 DOGE for users to earn. There are 3 types of tokens in ProEX Staking Pool, which includes BTC, ETH and USDT

During the event, as long as you subscribe to ProEX Staking Pool and deposit for seven days, apart from the daily interest, users will also be eligible to win up to 80,000 DOGE bonus.  

The event duration will last from 5th September 00:00 to 30th September 23:59 (UTC+8).

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.