Bitcoin Price Fluctuates Near $27,000; Analysts Predict Potential Long-Term Uptrend
Summary:
On 29th September, Bitcoin's price action gravitated around $27,000 as it attempted to surpass its monthly high. The gains were largely influenced by the derivatives markets while spot traders sold at peak levels. An anonymous trader, Moustache, highlighted the potential long-term impact of a 20-month simple moving average reclaim, which, if achieved, could ultimately lead to a new all-time high for BTC.
On 29th September, Bitcoin (BTC) vaunted around $27,000 as it strove to edge past monthly highs, causing a tilt in its price action. As indicated by information from Cointelegraph Markets Pro and TradingView, the leading cryptocurrency in the market has been striving to preserve its gains following a typical "short squeeze".
It flirted with the $27,000 mark the day before, but the Bitcoin bulls were incapable of setting a new optimum for this month. The currency maxed out at $27,300 on Bitstamp and afterwards regrouped, still marking a 4% uplift compared to the the week's least during the period in focus.
The pushing up phenomenon was largely influenced by the derivatives markets, according to widely followed market watcher Skew, while spot traders divested at the peak levels. He further indicated that a ceiling of $27,200 was still in play pre Wall Street operation, and expects the market to "hunt both sides of the book" as the new week begins.
CoinGlass data pointed to a considerable short squeeze, with liquidations bouncing to $22 million on Sep. 28 — the most comprehensive one-day count in ten days.
Prominent anonymous trader and analyst Moustache highlighted a looming key support recovery. The 20-month simple moving average (SMA) recuperation could have far-reaching impact beyond the intraday BTC price trend. He referred to Bitcoin's brief adventure past $28,000 closing in August and said historically, the 20-month SMA acted as a definitive support after recovery, which held until BTC/USD scored a new all-time high.
Readers should be aware that this article does not proffer investment advice or recommendations. Each investment and trading move comes with risk, therefore readers should indulge in their own research before making decisions.
Published At
9/29/2023 11:34:35 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.