Bitcoin (BTC) sold off along with U.S. stocks at the opening of Wall Street on September 20 as risk assets began to break away from the macroeconomic uptrend.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin Price ‘Bullish’ Outlook Until Weekly Close
According to data from Cointelegraph Markets Pro and TradingView, the price of BTC turned upward again at the daily open after hitting a three-week high of $64,121 on Bitstamp.
The S&P 500, which hit a record high on September 18 after the Federal Reserve’s sharp interest rate cut, also fell along with the Nasdaq 100.
S&P 500 vs. BTC/USD 1-day chart. Source: TradingView
Gold is up 1% on the day at the time of writing, with room for further gains, while BTC/USD quickly reversed Wall Street’s declines.
In response, popular Bitcoin commentators were predictably optimistic about the market outlook.
“There are a lot of continuation signals here,” trader Roman wrote on X.
“Price action looks bullish as volatility corrects/builds to break 65k resistance. No bear dive or anything of that nature. Sideways movement over the next few days.”
BTC/USDT 4-hour chart with RSI data. Source: Roman/X
Fellow trader Daan Crypto Trades agreed with the significance of $65,000, and Cointelegraph also reported on its status as a liquidity magnet.
“The key level is $65,000,” he told X followers.
“This is a big level in terms of liquidity and signals a breakdown in the bull market structure. It will create higher highs after the recent higher lows following the August crash.”
The accompanying chart shows order book liquidity data for Binance’s BTC/USDT perpetual swap pair, provided by monitoring resource CoinGlass.
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
Popular X account Cred added in a piece on their latest content: “So far we’ve only seen the weekly highs drop lower.”
“Locally, this is the last reasonable area where the bears could form a lower high if they are right + close to invalidation. A weekly close above $64K would ideally be impulsive, signaling a bullish breakdown in the market structure (for the first time in a while).”
Coinbase Premium Drops on Binance Demand
Meanwhile, on-chain analytics platform CryptoQuant analyzed buyer interest in BTC and found that Binance is outpacing US exchange Coinbase.
relevant: Why did the Bitcoin price go up today?
The so-called Coinbase premium (the difference between the BTC price on the exchange) was “significantly negative” that day.
“In other words, the fact that the Coinbase Premium is negative during the current uptrend while the Bitcoin price is not falling suggests that there is strong buying pressure on Binance,” contributor Avocado_onchain wrote in a Quicktake blog post.
“For the Bitcoin price to rise significantly, buying pressure needs to spread beyond the U.S. in global markets due to FOMO (Fear of Missing Out).”
Coinbase Premium Chart (screenshot). Source: CryptoQuant
The post concluded that the trend was “very positive.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.