Bitcoin price hits new September high

14 Sep 2023

The price of Bitcoin has reached new September highs following the 14 September daily close, as markets assimilated macroeconomic and crypto news.

The price of the world's largest crypto by market cap reached overnight highs of $26,535 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. 

Bitcoin had shaken off Wednesday's higher-than-forecast US consumer price index (CPI) data to hold the $26,000 level.

In addition, Bitcoin's strong intraday performance was not impacted by news the former FTX exchange had acquired legal permission to liquidate its remaining assets.

BTC/USD was trading close to $26,300 at the time of writing, up 5.5% against its September lows, Cointelegraph reports.

"Coming up to the range highs and once we flip these levels, we can look to finally get into a safe position and long," said popular trader Crypto Tony on the X platform.

In addition, according to fellow trader Daan Crypto Trades, Bitcoin market dynamics have shifted compared to the weak period 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 said.

"Spot bid also stronger than the past few weeks. Might be wrong, but I'm optimistic."

Moreover, further analysis forecasts a longer-term Bitcoin price breakout if US regulators approve a Bitcoin spot price exchange-traded fund (ETF) within the next few months.

Having risen 1.15% month-to-date, Bitcoin remains on track for its best-performing September in several years.

According to CoinGlass data, the last time the Bitcoin price made gains in September was in 2016.

That year was its best to date at 6.35%, whilst the largest "red" September month was two years earlier when the price fell 19%, the Cointelegraph report adds.

Last year, Bitcoin declined 3.1% before rising a further 5.6% in October, which bulls usually refer to as "Uptober."

Download deVere Crypto App on Apple iTunesDownload deVere Crypto App on Google Play Stores