Bitcoin remains on track to produce surprisingly solid September performance, but BTC price remains down over 11% in Q3.
bulls lost their grip on $27,000 into Sept. 30 as the monthly and quarterly close loomed large.
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, marking its most successful September since 2016, per data from monitoring resource CoinGlass.
Conversely, the quarterly performance for Q3 showed BTC/USD down 11.5% at the time of writing.
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”
Meanwhile, Monitlonger and shorter timeframes.
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 the largest global exchange Binance showed bid liquidity congregating around $26,800. Sellers meanwhile lay in wait at $27,500.
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.
Source: Cointelegraph
Recent Comments