Bitcoin hits new September high on US payrolls, G7 Russian energy cap
Bitcoin (BTC) passed $20,400 for the first time this month on Sept. 2 as United States economic data outperformed expectations.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $20,500 after the Wall Street open, marking new highs for September.
The pair had responded well to U.S. non-farm payroll data, which in August showed inflows dropping less than expected.
A further boost came from news that the G7 had agreed to implement a price cap on Russian oil, with the European Union also planning to target the country’s gas imports.
While the S&P500 and Nasdaq Composite Index both added 1.25% after the first hour’s trading, the U.S. dollar conversely fell in step, looking set to dive below 109 at the time of writing.
Bitcoin thus inched closer to an area around $20,700 already being eyed as a launchpad for a short squeeze — a liquidation of short positions providing a swift spike higher for spot price.
In a tweet on the day, popular trading account Daan Crypto Trades showed that a low-liquidity area remained overhead, likely not providing much resistance.
“White area is quite thin in terms of recent volume profile,” part of commentary on an accompanying chart read.
$BTC White area is quite thin in terms of recent volume profile.Should move through that area with relative ease. Needs some spot bid to support price of course or we'll get those wicks taking out stops and reversing pic.twitter.com/hRX2Z1Ww2h
Summarizing the short-term plan in his latest YouTube update, meanwhile, fellow trader Crypto Ed painted a target at near $20,700.
Looking at the longer-term perspective, two analysts meanwhile insisted there was reason to stay bullish on current price action.
Related: The total crypto market cap continues
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