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On the Bitstamp BTC/USD daily chart, Bitcoin traded near $80,900 at 15:30 UTC on September 18 after reaching approximately $81,100. The session was up almost 6%, but the daily candle had not closed.
A larger share of Bitcoin’s supply is staying inactive as price moves above the estimated cost basis of active investors. Buyers must now keep BTC above that area.
Bitcoin rebounds near the 38.2% retracement
The current Fibonacci range runs from Bitcoin’s August low near $62,600 to its September high around $82,300. That measurement places the 38.2% retracement near $74,800 and the 23.6% level around $77,700.
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