Bitcoin ignores CPI, FTX as BTC price hits September high near $26.6K

1 year ago

Bitcoin (BTC) deed caller September highs aft the Sep. 14 regular adjacent arsenic markets digested macroeconomic and crypto manufacture news.

Trader: Bitcoin marketplace "feels different"

Data from Cointelegraph Markets Pro and TradingView tracked overnight BTC terms highs of $26,535 connected Bitstamp.

The largest cryptocurrency had shaken disconnected higher-than-expected United States Consumer Price Index (CPI) the time prior, maintaining $26,000.

Subsequent confirmation that defunct speech FTX had received ineligible support to liquidate its remaining assets likewise failed to dent Bitcoin’s comparatively coagulated intraday performance.

At the clip of writing, BTC/USD traded astatine adjacent $26,300, inactive up 5.5% versus its September lows.

“Coming up to the scope highs and erstwhile e flip these levels we tin look to yet get into a harmless presumption and long,” fashionable trader Crypto Tony told subscribers connected X (formerly Twitter) connected the day.

Fellow trader Daan Crypto Trades suggested that wide Bitcoin marketplace dynamics had changed versus the play of weakness seen astir the monthly close.

“Market feels antithetic this week. Dips being bought up comparatively speedy and portion terms keeps sweeping highs it keeps crawling itself backmost and leaving lows untouched,” helium wrote.

“Spot bid besides stronger than the past fewer weeks. Might beryllium incorrect but I'm optimistic.”

Additional investigation predicted a longer-term BTC terms breakout should U.S. regulators o.k. a Bitcoin spot terms exchange-traded fund, oregon ETF, successful the coming months.

$BTC.D Still holding connected to the erstwhile scope precocious and bouncing.

In the chop portion but yet I deliberation this would spell higher successful lawsuit of a BTC ETF Approval (one day). pic.twitter.com/3ob4MHl53l

— Daan Crypto Trades (@DaanCrypto) September 13, 2023

More cautious was trader Skew, who referenced on-chain measurement primed to chill erstwhile much aft a “relief rally.”

“Daily operation looks reasonably bully present & decreasing measurement truthful could decidedly beryllium looking towards a alleviation rally earlier lower,” portion of commentary read, noting that BTC/USD was inactive holding the cardinal $25,000 level.

First "green" September successful 7 years?

Up 1.15% month-to-date astatine the clip of penning Bitcoin was nevertheless connected people for its best-performing September successful years.

According to information from monitoring assets CoinGlass, the past clip that BTC/USD gained successful September was successful 2016.

That twelvemonth was its champion connected grounds astatine 6.35%, portion its biggest "red" September period 2 years prior, erstwhile it mislaid 19%.

In 2022, Bitcoin shed 3.1% earlier climbing different 5.6% successful October — a fashionable period among bulls, who informally notation to it arsenic "Uptober."

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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