Bitcoin (BTC) experienced a decline alongside U.S. equities as Wall Street opened on September 20, marking a pause for risk assets that had previously seen gains driven by macroeconomic factors.
BTC/USD 1-hour chart. Source: TradingView
As the weekly close approached, Bitcoin’s price appeared “bullish.” Data from Cointelegraph Markets Pro and TradingView indicated that BTC’s price action returned to its daily opening level after reaching a new three-week high of $64,121 on Bitstamp. The S&P 500, which had just set a record high following a substantial interest rate cut from the Federal Reserve on September 18, also faced a downturn, paralleling the Nasdaq 100’s movement.
S&P 500 vs. BTC/USD 1-day chart. Source: TradingView
Amidst this, gold saw potential for further increases, rising by 1% during the same timeframe, while BTC/USD quickly regained its footing after the initial Wall Street dip. In response, well-known Bitcoin analysts expressed optimism about the market’s future. “There are numerous continuation signals here,” trader Roman commented on X.
BTC/USDT 4-hour chart with relative strength index (RSI) data. Source: Roman/X
Another trader, Daan Crypto Trades, emphasized the importance of the $65,000 threshold, which Cointelegraph also noted as a significant liquidity point. “The key level is $65K,” he informed his followers on X. A chart illustrating order book liquidity for the BTC/USDT perpetual swaps on Binance was shared from CoinGlass.
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
Notably, the popular X account Cred pointed out that the weekly trend had only shown lower highs thus far.
Binance demand creates negative Coinbase premium
When examining the demand for BTC, on-chain analytics platform CryptoQuant observed that Binance was outperforming U.S. exchange Coinbase. The so-called Coinbase premium, which reflects the price difference of BTC on the exchange, recorded a “significant negative value” on that day.
“In essence, during the current upward trend, the negative Coinbase Premium, despite Bitcoin’s price stability, indicates robust buying pressure on Binance,” contributor “Avocado_onchain” noted in a Quicktake blog post.
Coinbase premium chart (screenshot). Source: CryptoQuant
The analysis concluded that this trend was “quite positive.”
This article is not intended as investment advice or recommendations. All investments and trading activities carry risks, and readers are encouraged to conduct their own research before making any decisions.