Bitcoin (BTC) reached new highs in September after the daily close on September 14 as both macroeconomic and crypto industry news were digested by the markets. The BTC/USD 1-hour chart showed overnight price highs of $26,535 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
Despite higher-than-expected United States Consumer Price Index (CPI) figures the day before, Bitcoin managed to maintain its value at $26,000. The news that defunct exchange FTX had received legal permission to liquidate its remaining assets also did not negatively impact Bitcoin’s performance.
At the time of writing, BTC/USD was trading near $26,300, representing a 5.5% increase from its September lows. Crypto Tony, a popular trader, expressed optimism about Bitcoin’s future, stating that once the range highs are surpassed, it would be safe to enter long positions.
Another trader, Daan Crypto Trades, noted that the market dynamics for Bitcoin had noticeably changed over the past week. He observed that dips in price were being quickly bought up, and the price kept reaching new highs while leaving lows untouched. These observations led him to be optimistic about Bitcoin’s performance.
Analysts also provided insight into the potential for a longer-term breakout in Bitcoin’s price. They suggested that if U.S. regulators approve a Bitcoin spot price exchange-traded fund (ETF) in the coming months, it could have a positive impact on the price.
However, trader Skew cautioned that on-chain volume appeared to be cooling down after a relief rally, indicating that the rally might be short-lived. Skew’s analysis highlighted that BTC/USD was still holding the key $25,000 level.
In terms of Bitcoin’s performance in September, it was on track to be its best-performing September in years. Data from CoinGlass showed that the last time BTC/USD gained in September was in 2016. That year, it recorded a 6.35% increase, while in 2022, it had a 3.1% loss. However, it rebounded with a 5.6% increase in October, which is informally known as “Uptober” among bullish investors.
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research before making any investment or trading decisions.
In conclusion, Bitcoin has seen positive price movements in September, reaching new highs and showing resilience in the face of negative news and market conditions. Traders and analysts have expressed optimism about its future prospects, especially if regulatory approval for a Bitcoin ETF is obtained. Furthermore, Bitcoin’s performance in September has been notably better than in previous years, potentially signaling a positive trend for the cryptocurrency. However, investors should be cautious and conduct their own research before making any investment decisions.
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