Bitcoin surged past $114,000 on Monday, extending a rally that has defied its usual September weakness. The move comes after bitcoin briefly tested support near $107,000 earlier this month, only to rebound over the course of the month.

The gain marks bitcoin’s strongest September since 2012, with prices up roughly 8% on the month. Technical traders note that BTC has broken out of a descending wedge formation on the short-term charts — a bullish setup that, if confirmed, could open the door to a push toward $120,000. 

What makes the advance particularly notable is the backdrop of historically low volatility. Bitcoin historically underperforms in September but then surges in…

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