Bitcoin price posting best September since 2016 as BTC sellers eye $27.5K

2 months ago

Bitcoin (BTC) bulls mislaid their grip connected $27,000 into Sep. 30 arsenic the monthly and quarterly adjacent loomed large.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin braces for 3 cardinal candle closes

Data from Cointelegraph Markets Pro and TradingView tracked a cooling off for BTC terms enactment up of the cardinal September candle print.

The largest cryptocurrency remained up astir 4% month-to-date, this marking its astir palmy September since 2016, per information from monitoring assets CoinGlass.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Quarterly show for Q3, conversely, showed BTC/USD down 11.5% astatine the clip of writing.

BTC/USD quarterly returns (screenshot). Source: CoinGlass

For traders and analysts, everything could alteration successful the last hours of the monthly candle.

"In the past, a greenish September resulted successful a greenish October, November and December arsenic well," fashionable trader Jelle noted successful portion of the day's X analysis.

Will past repeat?"

The time prior, Jelle predicted amended conditions for Q4, including a breakout past $30,000 for the archetypal clip since aboriginal August.

After months of accumulating coins, and dilatory preparing america for the bull market, I deliberation its time.

Expecting Q4 to bring caller spot -- and a interruption of $30k.

Send it.#Bitcoin

— Jelle (@CryptoJelleNL) September 29, 2023

"Textbook bearish technicals"

Monitoring assets Material Indicators meantime warned of what it called “textbook” bearish signals from aggregate moving averages (MAs) crossed some longer and shorter timeframes.

Related: Bitcoin halving to rise ‘efficient’ BTC mining costs to $30K

Beyond the monthly and play close, the impending United States authorities shutdown should proceed to suppress BTC terms enactment unless a solution is recovered successful time, it added.

We are heading into the past #trading time of the period with textbook bearish Technicals from the Key Moving Averages connected Daily, Weekly and Monthly TFs and #TrendPrecognition is flashing a caller #TradingSignals connected the #BTC Daily illustration arsenic if it knows we person a looming U.S.…

— Material Indicators (@MI_Algos) September 30, 2023

“There is simply a precocious probability that slayer whales volition beryllium amping up the play whale games astir Daily, Weekly, and Monthly candle closes. Don't get lured into a trap,” portion of additional commentary from Material Indicators co-founder Keith Alan read.

A snapshot of the BTC/USD bid publication connected largest planetary speech Binance showed bid liquidity congregating astir $26,800. Sellers meantime laic successful hold astatine $27,500.

BTC/USD bid publication information for Binance. Source: Material Indicators/X

Others, specified arsenic fashionable trader Daan Crypto Trades, expected little volatile conditions until instantly earlier the caller week.

“We've had volatility past week but unfastened involvement has cooled down truthful I uncertainty we'll get immoderate unusual terms enactment until possibly aboriginal connected Sunday,” helium told X subscribers connected the day.

An accompanying illustration showed the CME Group Bitcoin futures opening and closing prices perchance acting arsenic a magnet for BTC spot terms — a communal phenomenon.

BTC/USD annotated chart. Source: Daan Crypto Trades/X

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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