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


Bitcoin (BTC) bulls lost their grip on $27,000 into Sept. 30 as the monthly and quarterly close loomed large.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin braces for three key candle closes

Data from Cointelegraph Markets Pro and TradingView tracked a cooling off for BTC price action ahead of the key September candle print.

The largest cryptocurrency remained up nearly 4% month-to-date, marking its most successful September since 2016, per data from monitoring resource CoinGlass.

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

Conversely, the quarterly performance for Q3 showed BTC/USD down 11.5% at the time of writing.

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

For traders and analysts, everything could change in the final hours of the monthly candle.

“In the past, a green September resulted in a green October, November and December as well,” popular trader Jelle noted in part of the day’s X analysis.

“Will history repeat?”

The day prior, Jelle predicted better conditions for Q4, including a breakout past $30,000 for the first time since early August.

“Textbook bearish technicals”

Meanwhile, Monitlonger and shorter timeframes.

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

Beyond the monthly and weekly close, the impending United States government shutdown should continue to suppress BTC price action unless a solution is found in time, it added.

“There is a high probability that killer whales will be amping up the weekend whale games around Daily, Weekly, and Monthly candle closes. Don’t get lured into a trap,” part of additional commentary from Material Indicators co-founder Keith Alan read.

A snapshot of the BTC/USD order book on the largest global exchange Binance showed bid liquidity congregating around $26,800. Sellers meanwhile lay in wait at $27,500.

BTC/USD order book data for Binance. Source: Material Indicators/X

Others, such as popular trader Daan Crypto Trades, expected less volatile conditions until immediately before the new week.

“We’ve had volatility last week but open interest has cooled down so I doubt we’ll get any strange price action until maybe later on Sunday,” he told X subscribers on the day.

An accompanying chart showed the CME Group Bitcoin futures opening and closing prices potentially acting as a magnet for BTC spot price — a common phenomenon.

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

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.





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