Bitcoin (BTC) bulls lost control of $27,000 on September 30 as the monthly and quarterly close approached.
Bitcoin sees three key candle closes
Data from Cointelegraph Markets Pro and TradingView tracks Bitcoin price action is cooling off ahead of a crucial September candle.
The largest cryptocurrency is still up nearly 4% so far, marking its most successful September since 2016, according to monitoring resource CoinGlass.
Conversely, quarterly performance for Q3 shows BTC/USD down 11.5% at the time of writing.
For traders and analysts, everything can change in the final hours of the monthly candle.
“In the past, a green September would have led to a green October, November and December,” popular trader Jelle famous This is part of the X analysis of the day.
“Will history repeat itself?”
The day before, Jelle predicted a better fourth quarter, including a break above $30,000 for the first time since early August.
After months of building up and slowly getting ready for the bull market, I decided it was time.
The fourth quarter is expected to bring new strong momentum and break above $30,000.
— Jelle (@CryptoJelleNL) September 29, 2023
“Textbook bearish technical picture”
At the same time, monitor longer or shorter time frames.
Related: Bitcoin Halving Raises ‘Efficient’ BTC Mining Cost to $30,000
It added that in addition to monthly and weekly closing prices, the upcoming U.S. government shutdown should continue to suppress Bitcoin price movements unless a solution is found in time.
We are about to enter the final stage #trading Textbook Bearish Techniques on Key Moving Averages from Daily, Weekly, and Monthly TFs on a certain day of the month, and #trendprediction flashing new #tradingsignals At #BTC The daily chart is like it knew the U.S. was coming… pic.twitter.com/l9Mm2SHyFu
— Material Indicators (@MI_Algos) September 30, 2023
“Orcas are likely to intensify the weekend whale play on daily, weekly and monthly candle closes. Don’t be lured into the trap,” part of the additional content Comment Reading from Material Indicators co-founder Keith Alan.
A snapshot of the BTC/USD order book on the world’s largest exchange, Binance, shows bid liquidity concentrated around $26,800. Meanwhile, the seller is waiting on the sale for $27,500.
Other traders, such as popular trader Daan Crypto Trades, expect less market volatility ahead of the new week.
“We had some volatility last week, but open interest has cooled off, so I doubt we might get any weird price action later on Sunday,” he Tell There are X subscribers that day.
The accompanying chart shows that CME Bitcoin futures open and close prices may attract Bitcoin spot prices – a common phenomenon.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.