September was a volatile month full of liquidation events, FUD, global risk-off, uncertainty over monetary policy, and a rising dollar. Yet, Bitcoin managed to hold the larger technical structure at $40k while maintaining the bullish trend in on-chain metrics.
BTC has shown tremendous strength in the past week by closing back above the rising trend line at $44k, reclaiming $45.2k, the critical 200-day moving average, and printing a bullish engulfing candle. Bitcoin also managed to push back into the green zone between $47.2k to $50.5k, an area which was previous support.
