Bitcoin Hits New September Highs as Market Dynamics Shift
Summary:
Bitcoin (BTC) reaches new September highs as markets react to macroeconomic and industry news. BTC/USD trades at around $26,300, up 5.5% from September lows. Traders notice a change in market dynamics, with dips being bought up quickly. Bitcoin is on track for its best-performing September in years.
Bitcoin (BTC) has reached new highs for September following the daily close on September 14, as the market reacted to macroeconomic and crypto industry news. The price of BTC on Bitstamp reached $26,535 overnight, showing resilience despite the higher-than-expected United States Consumer Price Index (CPI) and the news of FTX receiving legal permission to liquidate its remaining assets. BTC/USD is currently trading at around $26,300, representing a 5.5% increase from its September lows. Traders in the Bitcoin market have noticed a change in dynamics, with dips being bought up quickly and the price sweeping highs while leaving lows untouched. However, some analysts caution that on-chain volume may cool down after a relief rally. In terms of performance, Bitcoin is currently on track for its best-performing September in years, with the last positive September recorded in 2016. In that year, Bitcoin gained 6.35% in September, while in 2022 it experienced a 3.1% drop before rising 5.6% in October, often referred to as "Uptober" by bullish investors. As always, readers are advised to conduct their own research before making any investment decisions.
Published At
9/14/2023 8:54:59 AM
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