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Bitcoin overlooks CPI and FTX developments as BTC price reaches September peak close to $26.6K.
Bitcoin (BTC) reached new highs for September following the daily close on September 14, as the markets processed macroeconomic and cryptocurrency sector developments.
BTC/USD 1-hour chart. Source: TradingView
Trader: Bitcoin market "feels different"
Data from Cointelegraph Markets Pro and TradingView recorded overnight BTC price peaks of $26,535 on Bitstamp.
The leading cryptocurrency managed to disregard a higher-than-anticipated United States Consumer Price Index (CPI) from the previous day, sustaining the $26,000 mark.
Furthermore, the announcement that the defunct exchange FTX had obtained legal authorization to liquidate its remaining assets did not impact Bitcoin’s relatively robust intraday performance.
At the time of this report, BTC/USD was trading close to $26,300, reflecting a 5.5% increase compared to its September lows.
“Approaching the range highs, and once we flip these levels, we can aim to secure a safe position and go long,” noted popular trader Crypto Tony to his followers on X (formerly Twitter) that day.
BTC/USD annotated chart. Source: Crypto Tony/X
Another trader, Daan Crypto Trades, indicated that the overall dynamics of the Bitcoin market had shifted compared to the weakness observed around the monthly close.
“The market feels different this week. Dips are being bought up relatively quickly, and while the price continues to reach new highs, it is gradually returning while leaving lows untouched,” he stated.
“Spot bid is also stronger than in the past few weeks. I might be mistaken, but I’m feeling optimistic.”
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Further analysis suggested that a longer-term breakout in BTC price could occur if U.S. regulators approve a Bitcoin spot price exchange-traded fund, or ETF, in the upcoming months.
$BTC.D is still maintaining the previous range high and bouncing.
In the chop region, but ultimately I believe this could rise higher in the event of a BTC ETF approval (one day). pic.twitter.com/3ob4MHl53l— Daan Crypto Trades (@DaanCrypto) September 13, 2023
Trader Skew took a more cautious stance, referencing on-chain volume that appeared set to decrease again following a “relief rally.”
“The daily structure appears quite solid here & with declining volume, we could indeed be looking at a relief rally before a downturn,” part of the commentary stated, highlighting that BTC/USD was still maintaining the critical $25,000 level.
BTC/USD annotated chart with volume. Source: Skew/X
First "green" September in seven years?
At the time of writing, Bitcoin was up 1.15% month-to-date and was on track for its best September performance in several years.
Related: Bitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’
As per data from monitoring resource CoinGlass, the last instance of BTC/USD gaining in September occurred in 2016.
That year marked its highest performance on record at 6.35%, while its largest “red” September was two years earlier, when it declined by 19%.
In 2022, Bitcoin fell by 3.1% before rebounding by another 5.6% in October — a month favored by bulls, who informally refer to it as “Uptober.”
BTC/USD monthly returns chart (screenshot). Source: CoinGlass
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making any choices.
