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Bitcoin price ignores CPI and FTX to make monthly highs of $26,600

Today Bitcoin (Bitcoin) is setting new monthly highs as the market ignores negative macroeconomic and crypto sector news.

Hourly chart of BTC/USD. Source: TradingView

Investor: Bitcoin Market ‘Looks Different’

Datas Cointelegraph Markets Pro And Trading View Verify monthly high prices of BTC, recording $26,500 on Bitstamp.
The previous day’s largest capitalization cryptocurrency was as follows: Managed to resist the consumer price index (CPI) united states higher than expectedIt remained above $26,000.
Even subsequent news that the FTX exchange had received regulatory permission to liquidate its remaining holdings failed to dampen Bitcoin’s seemingly solid intraday performance.
At the time of writing, BTC/USD is trading at around $26,500, up 5.5% from its September lows.
“We are approaching the top of the range and once these levels are crossed we can finally consider buying with a safe position.”Today’s report of the popular trader Crypto Tony On X (formerly Twitter).

The four-hour chart of BTC/USD was interpreted. Source: Crypto Tony/X

My Colleague Daan Crypto Trading believes the overall dynamics of the market have changed compared to the period of weakness around the monthly close.
“The market looks different this week. The dips are recovering relatively quickly and the price continues to rise, leaving the lows intact as we continue to move higher.”states merchant.

“Spot supply is also stronger than in recent weeks. I may be wrong, but I’m optimistic.”

Longer term, further analysis predicts a surge in price if US regulators approve a spot Bitcoin exchange-traded fund (ETF) in the coming months.

It continues to hold the high of the previous range and bounce.

This is in bearish territory, but I believe it could (one day) rise if a BTC ETF is ultimately approved.

Trader Skew said: On-chain volume is about to slow again amid ‘relief rally’.
“The daily structure looks quite positive here and volume is decreasing, so we could definitely see a relief rally before the decline.”read part of the comment and highlighted how BTC/USD is still standing to hold The key is the $25,000 level.

Daily chart of BTC/USD interpreted with volume indicator. Source: Skew/X

Is this the first positive September in seven years?

At the time of writing, Bitcoin continues to have its best September performance in years, up 1.15% on a monthly basis.

Related: Will Bitcoin Hit an All-Time High in 2025? New Price Forecast Reveals ‘Beginning of Bull Run’

Based on data from monitoring source CoinGlassThe BTC/USD pair last gained in September 2016.
That year was the best on record at +6.35%, while the “red” month of September occurred two years ago with a correction of -19%.
After losing 3.1% in September 2022, Bitcoin gained another 5.6% in October, which was a particularly positive month for bulls. they actually unofficially call it “Uptober”.

Monthly return of BTC/USD. Source: CoinGlass

This article does not contain investment advice or recommendations. Every investment and trading transaction involves risk, and readers should conduct their own research before making a decision.

Translation by Walter Rizzo

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