Despite the upward CPI curve and continued FTX liquidations, BTC price continues to strengthen and Bitcoin traders are hopeful about long-term opportunities.
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 from Cointelegraph Markets Pro and TradingView tracked the overnight BTC price high on Bitstamp at $26,535.
The day before, the largest cryptocurrency shrugged off higher-than-expected U.S. Consumer Price Index (CPI) to maintain its position at $26,000.
Subsequent confirmation that defunct exchange FTX had received legal permission to liquidate its remaining assets similarly failed to dent Bitcoin’s relatively solid intraday performance.
As of writing, BTC/USD is trading near $26,300, still up 5.5% from its September lows.
“Ranging range highs, once e flips these levels we can finally get into a safe position and go long,” prominent trader Crypto Tony told 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. Dips have been bought relatively quickly, and while price keeps sweeping higher, it keeps turning back up and holding lower," he wrote.
“Spot quotes are also stronger than in the past few weeks. I could be wrong, but I’m optimistic.”
Other analysis predicts a long-term breakout for Bitcoin prices if U.S. regulators approve a Bitcoin spot price exchange-traded fund (ETF) in the coming months.
$BTC.D remains within the previous range high and rebounds.
In volatile territory, but ultimately I think the price will go higher if a BTC ETF is approved (one day).— Daan Crypto Trades (@DaanCrypto) September 13, 2023
Trader Skew was more cautious, mentioning that on-chain volumes will cool down again after a “relief rally.”
“The daily structure looks pretty good and volume is decreasing, so there will definitely be a relief rally before the drop,” one commentary read, noting that BTC/USD is still holding the key $25,000 level.
The first “green” September in seven years?
As of this writing, Bitcoin is up 1.15% so far this month, but is still on track for its best September in years.
The last time BTC/USD was higher in September was in 2016, according to monitoring resource CoinGlass.
That year saw the highest gain on record, at 6.35%, while the biggest “red” month came in September two years ago, when it fell 19%.
In 2022, Bitcoin fell 3.1% before climbing another 5.6% in October, a month that bulls generally focused on, informally dubbing it “Uptober.”
