Bitcoin (BTC) reached new highs in September following the daily close on September 14th. The market reacted positively to both macroeconomic news and developments within the crypto industry. BTC/USD hit a peak of $26,535 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.
The price of Bitcoin remained resilient despite higher-than-expected United States Consumer Price Index (CPI) figures. It managed to maintain its position above $26,000. Additionally, news that defunct exchange FTX had received legal permission to liquidate its remaining assets did not significantly 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. Popular trader Crypto Tony expressed optimism about the market and suggested that once the price breaks above certain levels, it would be an ideal time to enter a long position.
Another trader, Daan Crypto Trades, noted that the market dynamics for Bitcoin had changed compared to the previous month’s weakness. Dips in the price were being quickly bought up, and Bitcoin was continuously reaching new highs while leaving the lows untouched. This sentiment was echoed by trader Skew, who predicted a relief rally before a potential downward movement in the market.
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Despite the possibility of short-term corrections, Bitcoin was on track to have its best September performance in years. As of the time of writing, it had gained 1.15% for the month. The last time BTC/USD had a positive September was in 2016 when it recorded a 6.35% increase. In contrast, two years prior, September resulted in a 19% loss for Bitcoin. The year 2022 saw a 3.1% decline in September but was followed by a 5.6% gain in October, which is informally referred to as “Uptober” by bullish traders.
Looking ahead, the approval of a Bitcoin spot price exchange-traded fund (ETF) by U.S. regulators could lead to a longer-term breakout in BTC price. Analysts speculated that if such an approval were granted in the coming months, it would have a positive impact on Bitcoin’s price.
It is important to note that this article does not provide investment advice or recommendations. Investing in cryptocurrencies carries risks, and individuals should conduct their own research before making any investment decisions.
In conclusion, Bitcoin’s price surged to new September highs, driven by positive macroeconomic and industry news. Traders noted the changing dynamics of the market, with dips being quickly bought up and Bitcoin continuously reaching new highs. Despite potential short-term corrections, Bitcoin was on track to record its best September performance in years. The approval of a Bitcoin spot price ETF could further boost the long-term prospects of Bitcoin’s price.
