Bitcoin bulls lost their grip on the $27,000 level as the monthly and quarterly close approached on September 30. This marked a significant event for Bitcoin traders and analysts, as the candle close had the potential to impact the future price action of the cryptocurrency. Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin’s price had been cooling off ahead of this key September candle print.
Despite the recent pullback, Bitcoin was still up nearly 4% for the month of September, making it the most successful September for the cryptocurrency since 2016. This positive performance was highlighted by CoinGlass, a monitoring resource that tracks cryptocurrency data. However, BTC/USD was down 11.5% for the quarter, indicating that the overall performance for Q3 was less favorable.
Traders and analysts were closely monitoring the final hours of the monthly candle, as it could potentially set the tone for October, November, and December. A popular trader known as Jelle noted that historically, a green September had often resulted in positive price movements in the following months. This sentiment was shared by many in the crypto community, who were hopeful that Bitcoin’s positive momentum would continue into the final quarter of the year.
However, there were also concerns about the bearish technicals in the market. Material Indicators, a co-founder of Keith Alan, warned that the key moving averages on daily, weekly, and monthly timeframes were indicating bearish signals. This, combined with the looming US government shutdown, could continue to suppress Bitcoin’s price action unless a solution was found.
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The order book data for BTC/USD on Binance, one of the largest global exchanges, showed bid liquidity around $26,800, with sellers waiting at $27,500. This indicated that there was significant support at the lower price level and resistance at the higher level. Traders were advised to be cautious and not get lured into potential traps set by large players in the market.
Regarding price volatility, popular trader Daan Crypto Trades expected less drastic price movements until the start of the new week. He mentioned that the open interest had cooled down, suggesting a potential decrease in market activity. However, he emphasized the importance of monitoring the CME Group Bitcoin futures opening and closing prices, as they often had an impact on the spot price of Bitcoin.
In conclusion, the end of September marked an important period for Bitcoin, as traders awaited the monthly and quarterly candle close. While Bitcoin had seen a successful September, there were mixed sentiments about its future price action. Some analysts remained optimistic, pointing to historical trends, while others warned of bearish technicals and potential market manipulation. As always, it is important for investors to conduct their own research and make informed decisions when trading or investing in Bitcoin or any other cryptocurrency.
