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

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

Bitcoin (BTC) bulls lost their grip on $27,000 into Sep. 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, this marking its most successful September since 2016, per data from monitoring resource CoinGlass.

3b19f9b0 15b7 47e9 b97f 097ae199ebed
BTC/USD monthly returns (screenshot). Source: CoinGlass

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

5945c930 0401 4800 ac9c be0bb6358000
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”

Monitoring resource Material Indicators meanwhile warned of what it called “textbook” bearish signals from multiple moving averages (MAs) across both longer 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 largest global exchange Binance showed bid liquidity congregating around $26,800. Sellers meanwhile lay in wait at $27,500.

45f0fe06 3fa3 4a27 a746 5f407298280f
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.

1ec7acff 3d4b 432d be3f 3adf3b9df6db
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.