Bitcoin Surpasses September High Near $26.6K as CPI and FTX News Ignored
Bitcoin (BTC) reached new highs in September following the daily close on September 14, as the market absorbed macroeconomic and crypto industry updates. The largest cryptocurrency shrugged off the higher-than-expected United States Consumer Price Index (CPI) from the previous day, maintaining its value at $26,000. Furthermore, reports of defunct exchange FTX receiving legal authorization to liquidate its remaining assets did not impact Bitcoin’s solid performance throughout the day.
Positive Sentiments from Traders
A popular trader known as Crypto Tony stated that once Bitcoin broke through certain levels, it would be safe to enter a long position. Fellow trader Daan Crypto Trades also observed that the market dynamics for Bitcoin seemed different in comparison to the period of weakness experienced during the monthly close. Furthermore, the spot bid for Bitcoin appeared stronger than in previous weeks, leading to optimism among traders.
Additional analysis suggests that if U.S. regulators were to approve a Bitcoin spot price exchange-traded fund (ETF) in the next few months, there could be a longer-term breakout in BTC prices.
$BTC.D Still holding on to the previous range high and bouncing.
In the chop region but ultimately I think this would go higher in case of a BTC ETF Approval (one day). pic.twitter.com/3ob4MHl53l
— Daan Crypto Trades (@DaanCrypto) September 13, 2023
However, trader Skew remains cautious, pointing to on-chain volume indicating a potential cool-down after a relief rally. Despite this, BTC/USD continues to hold the key $25,000 level.
Promising September Performance
Bitcoin is currently up 1.15% for the month of September, potentially making it the best-performing September in years. According to data from CoinGlass, the last time Bitcoin gained value in September was in 2016, which recorded a 6.35% increase. Conversely, two years prior to that, Bitcoin experienced its worst September month, with a 19% loss. In 2022, Bitcoin dropped by 3.1% in September but rebounded with a 5.6% increase in October, which is often referred to as “Uptober” by bullish traders.
This article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.
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