Bitcoin ignores CPI, FTX as BTC price hits September high near $26.6K
Bitcoin (BTC) hit new September highs after the Sep. 14 daily close as markets digested macroeconomic and crypto industry news.
Data from Cointelegraph Markets Pro and TradingView tracked overnight BTC price highs of $26,535 on Bitstamp.
The largest cryptocurrency had shaken off higher-than-expected United States Consumer Price Index (CPI) the day prior, maintaining $26,000.
Subsequent confirmation that defunct exchange FTX had received legal permission to liquidate its remaining assets likewise failed to dent Bitcoin’s comparatively solid intraday performance.
At the time of writing, BTC/USD traded at near $26,300, still up 5.5% versus its September lows.
“Coming up to the range highs and once e flip these levels we can look to finally get into a safe position and long,” popular trader Crypto Tony told subscribers on X (formerly Twitter) on the day.
Fellow trader Daan Crypto Trades suggested that overall Bitcoin market dynamics had changed versus the period of weakness seen around the monthly close.
“Market feels different this week. Dips being bought up relatively quick and while price keeps sweeping highs it keeps crawling itself back and leaving lows untouched,” he wrote.
Additional analysis predicted a longer-term BTC price breakout should U.S. regulators approve a Bitcoin spot price exchange-traded fund, or ETF, in the coming months.
$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
More cautious was trader Skew, who referenced on-chain volume primed to cool once more after a “relief rally.”
“Daily structure looks fairly good here & decreasing volume so could definitely be looking
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