After the Sep. 14 daily close, Bitcoin (BTC) reached new September highs as investors considered macroeconomic and crypto industry news.
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Trader: Bitcoin market “feels different”
Data from Cointelegraph Markets Pro and TradingView showed that BTC price had reached a high of $26,535 on Bitstamp overnight.
The world’s largest cryptocurrency had shrugged off the higher-than-expected United States Consumer Price Index (CPI) the day before, and had maintained its position around $26,000.
The news that the defunct exchange FTX had received legal permission to liquidate its remaining assets had no significant effect on the intraday performance of Bitcoin.
At the time of writing, BTC/USD was trading close to $26,300, still up 5.5% from its September lows.
Popular trader Crypto Tony suggested to his subscribers on X (formerly Twitter) that when the range highs are flipped, they can move into a safe long position.
Fellow trader Daan Crypto Trades noted that the Bitcoin market dynamics had changed since the period of weakness around the monthly close, saying that “dips are being bought up relatively quickly and while price keeps sweeping highs it keeps crawling itself back and leaving lows untouched”.
Analysis also predicted that if U.S. regulators approve a Bitcoin spot price exchange-traded fund, or ETF, in the coming months, then BTC/USD could experience a longer-term breakout.
Skew, however, was more cautious, referencing the on-chain volume which was likely to cool down after the “relief rally”. He added that the daily structure of BTC/USD looked good and that decreasing volume could indicate a relief rally before a lower price.
First “green” September in seven years?
At the time of writing, Bitcoin had gained 1.15% month-to-date, making it the best-performing September in several years.
CoinGlass data reveals that the last time BTC/USD gained in September was back in 2016, when it achieved its best-ever result of 6.35%. However, two years prior, it suffered its biggest “red” September, losing 19%.
In 2022, the cryptocurrency dropped 3.1% in September before rising 5.6% in “Uptober”.
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