September Surprise: Bitcoin Breaks Key Resistance (Chart)

(MENAFN- Daily Forex) In a bit of an ironic twist, considering how the U.S. Securities and Exchange Commission (SEC) treated cryptocurrencies prior to President Trump's second term in office, it was the SEC that helped spark the building rally.

While delivering a keynote address at the Organization for Economic Cooperation and Development (OECD) Roundtable in Paris on Wednesday, where he outlined a sweeping plan to integrate crypto activities like trading, lending, and staking under a unified regulatory framework, SEC Chair Paul Atkins declared that“most crypto tokens are not securities.”

“It is a new day at the SEC,” he added.“Policy will no longer be set by ad hoc enforcement actions. We will provide clear, predictable rules of the road so that innovators can thrive in the United States.”

These words from Atkins, along with the fact that inflation data came in far cooler than expected – further boosting expectations for a Fed rate cut on September 17 – were all that crypto investors needed to hear to re-engage with the market.

Bitcoin (BTC), which has struggled with resistance at $112,000 for nearly three weeks, spiked above $114,000 on Wednesday for the first time since August 24.

BTC/USD 1-day chart. Source: TradingView

The positive momentum has so far extended into early trading on Thursday, with BTC tapping a high of $114,623.

MN Consulting founder Michaël van de Poppe noted the positive reaction on the back of the soft inflation data, highlighting the break above resistance.

Market analyst Galaxy pointed to a bout of similar price action for BTC back in March and April, saying Bitcoin at $114,000“looks like BTC at $80,000.”

And Merlijn the trader noted that it's times like these that experienced traders enter long positions, while those less in the know will FOMO later.

At the time of writing, BTC trades at $114,240, an increase of 2.7% on the 7-day chart Benefits from ETF Bump

While mainstream media mainly focuses on Bitcoin, the crypto community is abuzz at the building altseason, the time in every cycle when altcoins start to outperform. For evidence that this process is underway, look no further than the Bitcoin dominance chart.

Bitcoin Dominance 1-day chart. Source: TradingView

Among the top-performing altcoins is the ecosystem's favorite memecoin: Dogecoin (DOGE). Data provided by TradingView shows that DOGE has rallied more than 17% since its Sunday lows, climbing back above $0.25.

DOGE/USD 1-day chart. Source: TradingView

Along with altseason speculation, Dogecoin is also benefiting from a development that helped kickstart Bitcoin's rally from sub-$30,000 – the launch of an exchange-traded fund (ETF).

As highlighted by Bloomberg ETF analyst Eric Balchunas, DOGE is set to get its first ETF on Thursday, the REX-Osprey DOGE ETF ($DOJE).

The development has excited the community, with many predicting that Dogecoin is set for its next moon mission. Market analyst Ali Martinez sees $0.31 as the next near-term target.

And Bitcoincensus provided the longer-term outlook many are predicting, highlighting the possibility for DOGE to top out above $1.40 before this bull cycle is complete.

At the time of writing, Dogecoin trades at $0.2515, an increase of 16.78% on the 7-day chart.

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