Bitcoin, for the first time since August 30, regained the $60,000 level, and the increasing interest of institutional participants is creating a different scenario this time.

According to crypto analyst Rajat Soni, the dynamics behind this increase are different from the past. Soni noted that Bitcoin has been consolidating above $50,000 for the last six months. However, he emphasized that when Bitcoin was last above $50,000 in 2021, purchases were largely from retail investors.

Soni said, "The price struggled to stay above $50,000 as the purchases were largely coming from retail investors operating largely on emotions." Now, he warned that institutional investors are in the market, stating, "If you're selling, be prepared to pay much more to buy back the same amount of Bitcoin."

Bitcoin is currently trading at $60,596 and has seen a 4.25% increase since September 12, according to CoinMarketCap data.

After Bitcoin surpassed $60,000, a crypto trader known as Jelle claimed that the asset could break the typically low performance trend seen in September. Jelle stated that 'Bitcoin is getting ready to close September in green', noting that this has only happened three times before: in 2015, 2016, and 2023.

CoinGlass data shows that September is the worst month for Bitcoin; in the last 11 years, Bitcoin has experienced an average loss of 4.49% in September.

The first signs of recovery for Bitcoin have arrived

By the way, Benjamin Cowen, the founder of Into The Cryptoverse, emphasized that Bitcoin has achieved the "highest daily close throughout the entire cycle" in market dominance. Currently, according to TradingView data, Bitcoin's market dominance is 57.80%.

Will Clemente, co-founder of Reflexivity Research, mentioned that there are "early signs of recovery" for Bitcoin in technical indicators. Clemente said, "We expect to regain the 200-day moving average, which could signal the beginning of a new movement for altcoins."