Bitcoin (BTC) delivered expected volatility on Sept. 27, squeezing above $20,000.
BTC Price 9-Day High Greets Traders
Cointelegraph Markets Pro and TradingView It followed BTC/USD as it climbed more than 7% after the close on Sept. 26.
Bitstamp saw a local high of $20,344 before the pair began consolidating at around $20,200.
The move, of course, didn’t go unnoticed in the trading world, but the entire episode was spent amid warnings that overly optimistic traders might end up taking long positions in the second half. Opinions were divided about.
“No [rejection] Not yet, but soon. I expect it to be higher for now,” said his popular Twitter account, Crypto’s Il Capo. wrap upadheres to the theory that it calls for new lows above the sub-$19,000 levels seen over the past week.
Meanwhile, research firm Santiment noted the start of a massive profit-taking as Bitcoin crossed the $20,000 line for the first time in over a week.
“Many traders appeared to be waiting for the $20,000 threshold to start selling bags.” clearly Along with a chart of trades made in profit or loss for the owner.
“When Bitcoin crossed this psychological level, a massive profit-taking ensued. Now we are looking to see if those desperate to sell will regret the decision.”
Can the bull beat ‘September’?
A return to $20,000 set BTC/USD higher in September than it started in a sign that even modest price movements can affect market sentiment.
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As pointed out by the on-chain analytics resource Material Indicators, it all now hinges on BTC’s bullish ability to defend price action to monthly closes.
“BTC is currently in a Green Monthly Close position… hopefully we can hold it until Friday. Confirmed on Twitter.
While modest, Bitcoin’s September gains totaled 0.7% at the time of writing, with BTC/USD at $20,200. did not occur. coin glass indicate.
Just a day ago, Bitcoin was seeing monthly losses of over 6%.
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