Bitcoin sold off with United States equities at the Sept. 20 Wall Street open as risk assets took a break from macro-induced upside.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action coming full circle from the daily open after hitting new three-week highs of $64,121 on Bitstamp.
The S&P 500, which set a new all-time high following a jumbo interest rate cut by the Federal Reserve on Sept. 18, also slid alongside the Nasdaq 100.
Gold saw room for further gains, up 1% on the day at the time of writing, while BTC/USD quickly canceled out its Wall Street dip.
“Lots of continuation signals here,” trader Roman wrote on X.
“Price Action looking bullish with low volume as we’re correcting / forming volatility to break 65k resistance. No bear divs or anything of that nature. Should see us move sideways next few days.”
Fellow trader Daan Crypto Trades agreed on the importance of the $65,000 mark, with Cointelegraph reporting its status as a liquidity magnet.
“The key level is $65K,” he told X followers.
“This is a big level in terms of liquidity as well as it would signal a bullish market structure break. As it would make for a higher high, after the recent higher low since the August dump.”
“We’ve only seen lower highs on the weekly thus far,” noted popular X account Cred in his latest content.
“Locally, this is the bears’ last stand, i.e., the last reasonable area where a lower high could form if they’re right, with close proximity to invalidation. $64k+ weekly close, ideally an impulsive one, would suggest a bullish break in market structure (first one in a while).”
Meanwhile, analyzing buyer appetite for BTC, onchain analytics platform CryptoQuant noted that Binance was leading US exchange Coinbase.
The so-called Coinbase premium—reflecting the difference in the exchange’s BTC pricing—showed a “significant negative value” on the day.
“In other words, during the current upward trend, the fact that the Coinbase Premium is negative while Bitcoin’s price isn’t falling suggests that there is strong buying pressure occurring on Binance,” contributor “Avocado_onchain” wrote in a Quicktake blog post.
