Bitcoin

Honey

Rekt

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) price rallied to $65,851 on Sept. 26 as markets responded to global macroeconomic events, placing BTC in a ‘good position,’ according to traders.
<figure><img alt="Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922ff4-cbf9-7e42-8549-4a3208e28e74">
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 BTC/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/hcEiK3Nj/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.tradingview.com/x/hcEiK3Nj/">TradingView</a>
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The strong reversal in Bitcoin’s price direction has many traders wondering what to expect next from BTC going forward.
<h2 id="strong-bitcoin-s-rise-above-the-200-day-moving-average-puts-btc-in-a-good-position-strong">Bitcoin’s rise above the 200-day moving average puts BTC in a “good position”</h2>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-2-month-highs-soft-landing-precede-sub-60k-dip" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin’s ongoing recovery</a> accelerated on Sept. 26 backed by interest rate cuts in China and the perception that the US would manage a 'soft landing' on inflation. China’s latest stimulus push and the upcoming US election are also being viewed as reasons for <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-traders-brace-us-macro-data-fed-btc-price-bounces-2" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin’s price rally</a>.&nbsp;
Bitcoin analysts, meanwhile, saw the need for the price to produce a decisive close above the daily 200 moving average (MA), currently at $63,855, to secure the uptrend.
“#Bitcoin’s market structure has flipped back to bullish on the daily timeframe” and is “also trading back above the Daily 200MA,” <a data-ct-non-breakable="null" href="https://x.com/DaanCrypto/status/1839309774598582505" rel="noopener noreferrer nofollow" target="null" text="null" title="null">declared</a> popular trader Crypto Daan Trades in a Sept. 26 X post.
<blockquote>
 “I do want to see the daily close above this level to fully confirm the breakout.”BTC/USD daily chart. Source: Daan Crypto Trades
</blockquote>
Popular trader and analyst Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1839295256355037550" rel="noopener noreferrer nofollow" target="null" text="null" title="null">explained</a> in one of his latest analysis posts on X that Bitcoin is in a “good position right now,” with just four to five days to go before breaking out of its 2024 post-halving reaccumulation range, drawing from the 2016 and 2020 cycles.
<figure><img alt="Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922ff9-1d0c-785c-b683-0bfbac8ecbf9">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1839295256355037550" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/rektcapital/status/1839295256355037550">Rekt Capital</a>
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Historically, September has often <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/classic-rektember-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="null" text="null" title="null">been a bearish month</a> for Bitcoin. However, Rekt Capital believes that the latest recovery in BTC price could make September a “fake-breakdown month after all.”
<blockquote>
 “Bitcoin is currently +9% up this September, making it the best September of all time for Bitcoin.”
</blockquote>
“I was told September is historically a bearish month,” Pseudonymous trader Honey <a data-ct-non-breakable="null" href="https://x.com/honey_xbt/status/1839309661616672900" rel="noopener noreferrer nofollow" target="null" text="null" title="null">asked</a> their 118,000 X followers, adding, “Why are we at 65K?”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-breakout-imminent-bullish-all-time-high-us-election" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin $73.7K breakout ‘imminent,’ sell-off intensity ‘might vary’ — Analyst</a>
<h2 id="strong-traders-believe-65-000-must-become-support-strong">Traders believe $65,000 must become support</h2>
Meanwhile, MN Capital founder Michael van de Popple <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1839252492053524539" rel="noopener noreferrer nofollow" target="null" text="null" title="null">sees</a> Bitcoin’s reclamation of support at $65,000 as crucial for its rise to new all-time highs.
<blockquote>
 “#Bitcoin is about to break $65,000 and get the show going toward a new ATH.”
</blockquote>
Popular trader Skew explained that Bitcoin’s intra-day high of $65,851 on Sept. 26 painted a “nice” higher high that is important for how BTC’s market structure develops in the short term.&nbsp;
<figure><img alt="Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922ffc-47a9-75a5-89e0-2726deb25c8e">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1839350357383880982" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/52kskew/status/1839350357383880982">Skew</a>
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The liquidation heatmap from Coinglass showed liquidity orders massing on either side of the $65,000 level across exchange order books, reinforcing its importance to traders.
<figure><img alt="Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01922ffc-c0f0-76b3-93da-777c8984f9f8">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 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.
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Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K

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