Bitcoin (BTC) passed $20,400 for the first time this month on Sept. 2 as United States economic data outperformed expectations.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Declining dollar accompanies BTC price rebound

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $20,500 after the Wall Street open, marking new highs for September.

The pair had responded well to U.S. non-farm payroll data, which in August showed inflows dropping less than expected.

A further boost came from news that the G7 had agreed to implement a price cap on Russian oil, with the European Union also planning to target the country’s gas imports.

While the S&P500 and Nasdaq Composite Index both added 1.25% after the first hour’s trading, the U.S. dollar conversely fell in step, looking set to dive below 109 at the time of writing.