Bitcoin Struggles to Sustain $27,000 Prior to Key Monthly and Quarterly Close
Summary:
As the monthly and quarterly close approached, Bitcoin (BTC) struggled to maintain its value above $27,000. Despite experiencing its best September since 2016 with nearly 4% growth, which marked its most successful September in five years, BTC saw an 11.5% decline in the third quarter. Experts suggest that the final hours of the monthly candle could be a turning point. Meanwhile, some warn of bearish trends influenced by multiple factors, including the imminent U.S. government shutdown, unless a swift resolution is found. Notably, Daan Crypto Trades anticipates calmer conditions until just before the new week.
As the day of both the monthly and quarterly close drew nearer on September 30th, Bitcoin (BTC) supporters struggled to keep its value above $27,000. Trends from Cointelegraph Markets Pro and TradingView indicated a chilling of BTC's pricing momentum just before the crucial September candle imprint. According to CoinGlass, Bitcoin retained a nearly 4% growth for the month, denoting its best September since 2016. In contrast to this, the third quarter displayed an 11.5% decline in BTC/USD at the writing time.
The final hours of the monthly candle could turn tables, say experts and traders. A hopeful trader, Jelle, mentioned that a hike in September has previously resulted in continued growth in October, November, and December. Will this pattern repeat itself? The day before, Jelle had forecasted improved conditions for the fourth quarter, including a surge beyond the $30,000 mark, which hasn't been seen since early August.
Material Indicators, on the other hand, cautioned about "typical" bearish indicators emerging from multiple moving averages (MAs) across varied timeframes. Furthermore, they argued that unless a quick solution is located, the imminent U.S government shutdown will undoubtedly weigh down BTC's value.
Keith Alan, co-founder of Material Indicators, added that there's an increased likelihood of increased volatility over the weekend due to the confluence of Daily, Weekly, and Monthly candle closes, advising traders not to fall into any traps. As witnessed on Binance's BTC/USD order book, a massing of bid liquidity was noted around the $26,800 mark with sellers looming at $27,500.
Daan Crypto Trades, another seasoned trader, predicted a period of calm before the onset of the new week. He said that even though there was significant volatility the previous week, the decreased open interest would likely result in minimal odd price movements until, perhaps, later on Sunday. He pointed out, using a chart, a potentially magnetic effect on BTC spot price due to CME Group Bitcoin futures' open and close prices, a frequently observed occurrence.
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Published At
9/30/2023 11:45:34 AM
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