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

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

by Harry Garcia

Bitcoin Bulls Lose Grip on $27,000 as Monthly and Quarterly Close Approaches

Bitcoin (BTC) bulls are experiencing a setback as the cryptocurrency fails to hold onto the $27,000 mark. With the monthly and quarterly close imminent, investors and analysts are watching closely to see how the market will react.

According to data from Cointelegraph Markets Pro and TradingView, BTC price action has been cooling off ahead of the key September candle print. Despite this, Bitcoin is still up nearly 4% month-to-date, making it the most successful September since 2016, according to CoinGlass.

However, the quarterly performance for Q3 shows BTC/USD down 11.5% at the time of writing. This indicates a potential shift in market sentiment and highlights the importance of the upcoming candle closes.

Traders and analysts are closely monitoring the final hours of the monthly candle, as it could provide insights into the market’s direction for the coming months. Historically, a green September has resulted in green October, November, and December as well. This trend raises the question of whether history will repeat itself.

Popular trader Jelle, known as CryptoJelleNL, has predicted better conditions for Q4, including a breakout past $30,000. This optimistic outlook suggests that the recent dip in BTC price may be temporary, and the market may regain bullish momentum in the near future.

However, not all market indicators point towards a positive outcome. Material Indicators, a co-founder of Keith Alan, warned of “textbook bearish technicals” indicated by key moving averages on daily, weekly, and monthly timeframes. They also cautioned against getting lured into potential whale manipulation games, urging investors to be cautious during this period.

The potential impact of the impending United States government shutdown remains another key factor affecting BTC price action. Unless a solution is found in time, it is expected to suppress market activity.

The BTC/USD order book on Binance shows bid liquidity clustering around $26,800, with sellers waiting at $27,500. This indicates a potential battle between buyers and sellers in the near term, further adding to the uncertainty surrounding Bitcoin’s future price movement.

Traders, such as Daan Crypto Trades, expect less volatility until the new week begins. As price action settles down, the opening and closing prices of CME Group Bitcoin futures are likely to act as magnets for the spot price of BTC. This phenomenon, known as the “closing the gap” effect, could exert influence over Bitcoin’s short-term price movements.

It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and exercise caution when making trading decisions. The cryptocurrency market is highly volatile and carries inherent risks.

In conclusion, Bitcoin bulls have lost their grip on $27,000 as the monthly and quarterly close approaches. The market’s direction in the coming months will depend on the outcome of the candle closes and external factors such as the United States government shutdown. Traders and investors are advised to closely monitor market developments and exercise caution during this period of heightened uncertainty.

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