Bitcoin ( BTC ) price rallied to $65,851 on Sept. 26 as markets responded to global macroeconomic events, placing BTC in a ‘good position,’ according to traders.

Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K image 0

BTC/USD daily chart. Source: TradingView

The strong reversal in Bitcoin’s price direction has many traders wondering what to expect next from BTC going forward.

Bitcoin’s rise above the 200-day moving average puts BTC in a “good position”

Bitcoin’s ongoing recovery accelerated on Sept. 26 backed by interest rate cuts in China and the perception that the US would manage a 'soft landing' on inflation. China’s latest stimulus push and the upcoming US election are also being viewed as reasons for Bitcoin’s price rally . 

Bitcoin analysts, meanwhile, saw the need for the price to produce a decisive close above the daily 200 moving average (MA), currently at $63,855, to secure the uptrend.

“#Bitcoin’s market structure has flipped back to bullish on the daily timeframe” and is “also trading back above the Daily 200MA,” declared popular trader Crypto Daan Trades in a Sept. 26 X post.

“I do want to see the daily close above this level to fully confirm the breakout.”BTC/USD daily chart. Source: Daan Crypto Trades

Popular trader and analyst Rekt Capital explained in one of his latest analysis posts on X that Bitcoin is in a “good position right now,” with just four to five days to go before breaking out of its 2024 post-halving reaccumulation range, drawing from the 2016 and 2020 cycles.

Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K image 1

BTC/USD weekly chart. Source: Rekt Capital

Historically, September has often been a bearish month for Bitcoin. However, Rekt Capital believes that the latest recovery in BTC price could make September a “fake-breakdown month after all.”

“Bitcoin is currently +9% up this September, making it the best September of all time for Bitcoin.”

“I was told September is historically a bearish month,” Pseudonymous trader Honey asked their 118,000 X followers, adding, “Why are we at 65K?”

Related: Bitcoin $73.7K breakout ‘imminent,’ sell-off intensity ‘might vary’ — Analyst

Traders believe $65,000 must become support

Meanwhile, MN Capital founder Michael van de Popple sees Bitcoin’s reclamation of support at $65,000 as crucial for its rise to new all-time highs.

“#Bitcoin is about to break $65,000 and get the show going toward a new ATH.”

Popular trader Skew explained that Bitcoin’s intra-day high of $65,851 on Sept. 26 painted a “nice” higher high that is important for how BTC’s market structure develops in the short term. 

Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K image 2

Source: Skew

The liquidation heatmap from Coinglass showed liquidity orders massing on either side of the $65,000 level across exchange order books, reinforcing its importance to traders.

Bitcoin analysts say BTC is in a ‘good position’ above the 200-MA and $65K image 3

BTC liquidation heatmap (screenshot). Source: CoinGlass