Bitcoin (BTC) price rose as high as $65,851 on September 26 as the market reacted to global macroeconomic events, putting BTC in a ‘well-positioned’ position, according to traders.
BTC/USD daily chart. source: TradingView
The strong reversal in Bitcoin price direction has many traders wondering what to expect from BTC in the future.
Bitcoin’s rise above its 200-day moving average puts BTC in a “good position.”
Bitcoin’s ongoing recovery has been fueled by China’s interest rate cut on September 26 and the perception that the US will manage a ‘soft landing’ on inflation. China’s recent stimulus package and the upcoming US election are also believed to be reasons for the rise in Bitcoin prices.
Meanwhile, Bitcoin analysts felt that to secure an upward trend, the price would need to produce a decisive close above the daily 200 moving average (MA), which is currently at $63,855.
Popular trader Crypto Daan Trades said in an
“I would like to see a daily close above this level to fully confirm a breakout.” Here is the BTC/USD daily chart. Source: Daan Crypto Trades
Popular trader and analyst Rekt Capital explained in one of his recent analysis posts on 2016 and 2020 cycles.
BTC/USD weekly chart. source: Rect Capital
Historically, September has often been a bearish month for Bitcoin. However, Rekt Capital believes that September could end up being a “fake crash month” due to the recent recovery in BTC price.
“Bitcoin is currently up +9% this September, making it the best September ever for Bitcoin.”
“I hear September is historically a bearish month,” Honey, a pseudonymous trader, added to her 118,000 X followers. “Why are we at 65K?”
relevant: Bitcoin’s $73.7K breakthrough ‘imminent’, selling intensity ‘may vary’ – Analyst
Traders believe that $65,000 should be support.
Meanwhile, MN Capital founder Michael van de Popple sees Bitcoin regaining support at $65,000 as crucial for its rise to all-time highs.
“#Bitcoin will soon break $65,000 and start showing towards a new ATH.”
Popular trader Skew described Bitcoin’s intraday high of $65,851 on September 26 as a “good” higher high that is important for how BTC’s market structure develops in the near term.
source: oblique
Coinglass’ liquidation heatmap showed concentrated liquidity orders on either side of the $65,000 level across the exchange’s order books, reinforcing its importance to traders.
BTC liquidation heatmap (screenshot). Source: Coinglass
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.