BTC price hits $27.4K as Bitcoin open interest matches Grayscale peak


Bitcoin (BTC) hit new month-to-date highs on Sept. 18 as a robust weekly shut cemented a bullish begin to Wall Street buying and selling. 

BTC/USD 1-day chart. Source: TradingView

Trader cautions on surging Bitcoin open interest

Data from Cointelegraph Markets Pro and TradingView tracked over 3% BTC price features on the day, with Bitcoin breaking $27,000 for the primary time in September.

With the Wall Street open across the nook, market contributors eyed “momentum” returning amongst Bitcoin bulls.

“Bitcoin price breaks the barrier at $26,800 and attacks the highs at $27,200,” Michaël van de Poppe, founder and CEO of buying and selling agency Eight, summarized.

“Trend looks like to be upwards from here, as altcoins are also waking up. Still the best period to buy your assets.”

Van de Poppe uploaded his newest analytics chart to X (previously Twitter), displaying the realm of resistance now vital for a reclaim.

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Monitoring useful resource Material Indicators in the meantime revealed each day purchase indicators on its proprietary buying and selling devices.

“Bulls seem to have mustered some momentum since the D candle open,” a part of accompanying commentary read.

Elsewhere, a cautious Daan Crypto Trades flagged ballooning open interest, which returned to ranges final seen after the brief BTC price gains that adopted asset supervisor Grayscale’s authorized victory in opposition to United States regulators.

Trader and analyst Rekt Capital in the meantime demanded that bulls win again larger ranges and maintain them into the September month-to-month shut.

“Soon going to revisit ~$27100 (black),” he forecast on the day alongside a chart.

“This level acted as support earlier this year and could turn into new resistance this month, unless $BTC reclaims it with a Monthly Close above black.”

BTC/USD annotated chart. Source: Rekt Capital/X

BTC price additional ignores DXY energy

With the Fed’s determination on interest charges looming on Sept. 20, the macro dialog targeted on the build-up to the occasion.

Related: FOMC versus BTC price ‘local bottom’ — 5 things to know in Bitcoin this week

The U.S. Dollar Index (DXY) confirmed continued energy on the day regardless of assumptions that interest charges wouldn’t rise later within the week.

The DXY hovered above 105, having damaged by way of that stage for the primary time since mid-March.

Bitcoin, historically inversely correlated to the Index, nonetheless confirmed no indicators of weak spot.

“Bitcoin hit $27,000, while the DXY is above 105,” James Straten, analysis and knowledge analyst at crypto insights agency CryptoSlate, noted alongside a comparative chart.

BTC/USD vs. DXY comparative chart. Source: James Straten/X

This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.

“The last time DXY was trading at 105 was March when Bitcoin was trading at less than $20,000. The time before that was Q4 2022, #Bitcoin was trading $17,000.”

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