Bitcoin (BTC) hit a new September high after the close on September 14 as the market digested macroeconomic and crypto industry news.
Trader: Bitcoin market ‘feels different’
Data comes from Cointelegraph Markets Pro and trading view The overnight BTC price high tracked on Bitstamp was $26,535.
The day before, the largest cryptocurrency shook off a higher-than-expected U.S. Consumer Price Index (CPI), holding steady at $26,000.
Subsequent confirmation that defunct exchange FTX had received legal permission to liquidate its remaining assets also failed to dampen Bitcoin’s relatively solid intraday performance.
At the time of writing, BTC/USD is trading near $26,300, still up 5.5% from its September lows.
“Reaching the range high, once these levels flip over we can finally move into a safe position and go long,” popular trader Crypto Tony Tell Subscribers on X (formerly Twitter) that day.
Trader Daan Crypto Trades said the overall dynamics of the Bitcoin market have changed compared to the weak period at the monthly close.
“The market feels different this week. The dips were bought relatively quickly, and while the price kept sweeping higher, it kept coming back up and holding the lows,” he wrote.
“Spot quotes are also stronger than they have been in the past few weeks. Could be wrong, but I’m optimistic.”
Other analysts predict a long-term breakout in Bitcoin prices if U.S. regulators approve a Bitcoin spot price exchange-traded fund (ETF) in the coming months.
$BTC.D Still holding on to previous range highs and rebounding.
In volatile territory, but ultimately I think if a BTC ETF is approved (one day) the price will be higher. pic.twitter.com/3ob4MHl53l
— Daan Crypto Trades (@DaanCrypto) September 13, 2023
Trader Skew was more cautious, mentioning that on-chain trading volume will cool down again after “easing the rebound.”
“The daily structure looks pretty good and volume is decreasing, so there’s definitely going to be an easing bounce before the dip,” part of the comment readnoted that BTC/USD remains at the key $25,000 level.
First “green” September in seven years?
At the time of writing, Bitcoin is up 1.15% so far this month, but is still on track to have its best September in years.
Related: Will Bitcoin Hit an All-Time High in 2025? Bitcoin Price Idea Reveals ‘Bull Run Starts’
According to monitoring resource data coin glassThe last time BTC/USD rose in September was in 2016.
That year saw the highest gain on record, at 6.35%, and the biggest “red” month came two years ago in September, when it fell 19%.
Bitcoin fell 3.1% in 2022 before climbing an additional 5.6% in October, a month widely watched by bulls who unofficially refer to it as the “Uptober.”
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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