- Bitcoin shrugged off U.S. macroeconomic data reports and rose alongside traditional markets, despite signs of inflation being more stubborn than expected.
- Poppe, referring to news that Germany’s largest bank, Deutsche Bank, applied for a crypto custody license, considered $25,000 a level to keep in mind as the bulls should drive the market.
- Meanwhile, with a long-term optimistic view, trading source Stockmoney Lizards reached the conclusion that more upside potential could be expected in BTC’s price.
Bitcoin price displayed a strong outlook following the economic data in the USA, reviving hopes that the downward trend has ended.
Bitcoin Price Could Finish September on a High Note
On September 15th, Bitcoin continued to rise as analysts described the recent BTC price movement as a “textbook” case. Current data shows that the largest cryptocurrency is focusing on $26,600, a crucial breakout level.
Bitcoin did not pay attention to the previous day’s U.S. macroeconomic data reports and rose alongside traditional markets despite signs of inflation being more stubborn than expected.
Within the renewed uptrend, Michaël van de Poppe, the founder and CEO of trading firm Eight, hoped that BTC/USD could avoid new lows.
Referring to news that Germany’s largest bank, Deutsche Bank, applied for a crypto custody license, Poppe considered $25,000 a level to keep in mind as the bulls should drive the market. Poppe said:
“We’ve seen a clean sweep around $25,000, and it seems we should be holding higher numbers. In this case, we need to hold $25,600-25,900 because we’ll see tons of stops being activated before we actually see any movements.”
Despite staying below several key moving averages (MAs), the 200-week exponential moving average (EMA), regained in March and serving as support, continues to play a significant role, a feature typically seen at the start of any bull market.
Poppe continued, “I believe the likelihood of a low in this cycle has increased. Why? Answer: We’re still holding above the 200 Weekly EMA, and probably closing above that for this week.” He added, “September doesn’t look like ‘Rektember,’ and it looks like we’ll continue from here.”
Wyckoff reveals classic BTC price recovery
Meanwhile, with a long-term optimistic view, trading source Stockmoney Lizards reached the conclusion that more upside potential could be expected in BTC’s price. Their analysis on X compares last year’s price movement to an extended “accumulation” phase using the Wyckoff method.
This method defines the price cycles of an asset, and in Wyckoff, accurately identifying the trigger following a swing known as the “Spring” can indicate the beginning of a new uptrend or a return to the previous higher trading range.
For Stockmoney Lizards, the Spring came after BTC/USD hit a bottom at the end of 2022. Stockmoney Lizards said:
“In January, we saw the Spring, a breakout in late March, and now the second pullback: Wyckoff behavior.”
