Following US payrolls and G7 Russian energy cap, Bitcoin achieves a new September high
Meanwhile, Twitter users comment on the current market conditions for Bitcoin and USD
By Shashank Bhardwaj
The United States economic data surpasses expectations as the price of Bitcoin (BTC) passes $20,400 for the first time this month on September 2.
Source: Trading View | BTC/USD 1-hour candle chart
Recent data shows BTC/USD approaching $20,500 following the Wall Street open, establishing a new high for September. This comes after the US non-farm payroll data, which showed inflows dropping further than expected in August. Moreover, the pair performed well following news that the G7 had agreed to put into action a price cap on Russian oil, with the European Union also shifting focus on the country’s gas imports.
The S&P500 and Nasdaq Composite Index added 1.25 percent after the first hour of trading, and the US dollar dove. Thus, Bitcoin came closer to the price of $20,700, and was viewed as a launchpad for a short squeeze.
Daan Crypto Trades’ Twitter account showed that a low-liquidity area remained overhead, and thereby not providing much resistance. The comments were as follows, “White area is quite thin in terms of recent volume profile. Should move through that area with relative ease.”
There is widespread debate and discussion on social media about the market. Two analysts insist that there is reason to stay bullish on the current price action. Alan, a Twitter trader, noted that there are similarities of the current market to the 2015 bear market, indicating that should history repeat itself, BTC/USD would bottom out. Meanwhile, a famous Twitter account, Plan C, also commented on the situation, saying that “extreme capitulation” is here and that the current market behavior was echoing macro bear market bottoms.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash