Key Takeaways
- Bitcoin is up 22% over the past three weeks, marking its best September on record.
- The Coinbase premium indicates a rise in U.S. investor demand for Bitcoin.
- A key bullish pattern has emerged after Bitcoin closed above $65K for the first time in five months.
Bitcoin is set to close out its strongest September on record, with prices rising 22% over the last three weeks and surpassing $66,000.
Historically a bearish month, the highest September gain for Bitcoin was previously 6% in 2016. The surge has been fueled by increasing demand from U.S. investors, as evidenced by the return of the “Coinbase premium.”
The Coinbase premium, which hit a two-week high on Sept. 26, indicates growing U.S. retail interest.
This metric measures the price difference between Bitcoin on Coinbase and other exchanges and is often used to gauge U.S. buying pressure. The uptick coincided with the largest daily inflows to U.S. Bitcoin ETFs in over two months, totaling $365.7 million.
Analysts also point to a new bullish pattern forming in Bitcoin’s price chart.
On Sept. 23, Bitcoin closed above $65,000, breaking a five-month bear trend. This “higher time frame” (HTF) breakout suggests the possibility of a sustained bullish trend, though resistance levels at $68,100 and $71,500 remain key points to watch.
While retail investor interest seems to be returning, further confirmation is needed to establish whether this trend will hold through Q4.
