Bitcoin hit new month-to-date highs on Sept. 18 as a strong weekly close cemented a bullish start to Wall Street trading.
Trader cautions on surging Bitcoin open interest
Data from Cointelegraph Markets Pro and TradingView tracked over 3% BTC price gains on the day, with Bitcoin breaking $27,000 for the first time in September.
With the Wall Street open around the corner, market participants eyed “momentum” returning among 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 trading firm 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 latest analytics chart to X (formerly Twitter), showing the area of resistance now necessary for a reclaim.
Monitoring resource Material Indicators meanwhile revealed daily buy signals on its proprietary trading instruments.
“Bulls seem to have mustered some momentum since the D candle open,” part of accompanying commentary read.
Elsewhere, a cautious Daan Crypto Trades flagged ballooning open interest, which returned to levels last seen after the brief BTC price gains that followed asset manager Grayscale’s legal victory against United States regulators.
Trader and analyst Rekt Capital meanwhile demanded that bulls win back higher levels and hold them into the September monthly close.
“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 price further ignores DXY strength
With the Fed’s decision on interest rates looming on Sept. 20, the macro conversation focused on the build-up to the event.
The U.S. Dollar Index (DXY) showed continued strength on the day despite assumptions that interest rates would not rise later in the week.
The DXY hovered above 105, having broken through that level for the first time since mid-March.
Bitcoin, traditionally inversely correlated to the Index, nonetheless showed no signs of weakness.
“Bitcoin hit $27,000, while the DXY is above 105,” James Straten, research and data analyst at crypto insights firm CryptoSlate, noted alongside a comparative chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
“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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