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

“There is a high possibility that killer whales will be amping up the weekend whale video games around Daily, Weekly, and Monthly candle light closes. Do not get tempted into a trap,” part of additional commentary from Material Indicators co-founder Keith Alan read.A snapshot of the BTC/USD order book on biggest worldwide exchange Binance revealed quote liquidity congregating around $26,800. Sellers meanwhile lay in wait at $27,500. BTC/USD order book information for Binance. Source: Material Indicators/XOthers, such as popular trader Daan Crypto Trades, expected less unstable conditions up until instantly prior to the new week.”Weve had volatility last week however open interest has actually cooled down so I question well get any weird rate action up until maybe later on Sunday,” he told X subscribers on the day.An accompanying chart revealed the CME Group Bitcoin futures opening and closing prices possibly acting as a magnet for BTC spot rate– a common phenomenon.BTC/ USD annotated chart. Source: Daan Crypto Trades/XThis post does not consist of financial investment suggestions or recommendations. Every financial investment and trading move involves danger, and readers should perform their own research study when making a decision.

” Textbook bearish technicals” Monitoring resource Material Indicators on the other hand cautioned of what it called “textbook” bearish signals from multiple moving averages (MAs) throughout both longer and shorter timeframes.Related: Bitcoin cutting in half to raise efficient BTC mining expenses to $30KBeyond the weekly and regular monthly close, the approaching United States government shutdown should continue to reduce BTC price action unless a solution is found in time, it added.We are heading into the last #trading day of the month with book bearish Technicals from the Key Moving Averages on Daily, Weekly and Monthly TFs and #TrendPrecognition is flashing a new #TradingSignals on the #BTC Daily chart as if it understands we have a looming U.S. … pic.twitter.com/l9Mm2SHyFu— Material Indicators (@MI_Algos) September 30, 2023

Source: TradingViewBitcoin braces for three essential candle closesData from Cointelegraph Markets Pro and TradingView tracked a cooling off for BTC price action ahead of the crucial September candle print.The largest cryptocurrency stayed up nearly 4% month-to-date, this marking its most effective September because 2016, per data from keeping track of resource CoinGlass.” In the past, a green September resulted in a green October, November and December as well,” popular trader Jelle kept in mind in part of the days X analysis. #Bitcoin pic.twitter.com/vkl0aq5hRS— Jelle (@CryptoJelleNL) September 29, 2023

Source: TradingViewBitcoin braces for 3 essential candle closesData from Cointelegraph Markets Pro and TradingView tracked a cooling off for BTC cost action ahead of the crucial September candle print.The largest cryptocurrency stayed up almost 4% month-to-date, this marking its most effective September given that 2016, per information from keeping track of resource CoinGlass.” In the past, a green September resulted in a green October, November and December as well,” popular trader Jelle noted in part of the days X analysis. #Bitcoin pic.twitter.com/vkl0aq5hRS— Jelle (@CryptoJelleNL) September 29, 2023

Other Questions People Ask

What factors contributed to Bitcoin price posting the best September since 2016 as BTC sellers eye $27.5K?

The significant rise in Bitcoin's price this September can be attributed to a combination of factors, including increased market liquidity and a cooling off of volatility. Traders are closely monitoring the BTC/USD order book, which shows sellers positioned around $27,500, indicating a potential resistance level. Additionally, historical trends suggest that a strong September often leads to positive price movements in the following months, which has likely influenced trader sentiment.

How are BTC sellers reacting to the current price trends as Bitcoin price posts its best September since 2016?

BTC sellers are strategically positioning themselves around the $27,500 mark as they anticipate potential price resistance. This behavior reflects a cautious approach, especially given the "textbook bearish" signals identified by analysts from Material Indicators. As traders prepare for key candle closes, the market sentiment remains mixed, with some expecting less volatility until the new week begins.

What technical indicators are influencing Bitcoin price as it posts the best September since 2016?

Technical indicators such as moving averages are currently showing bearish signals across various timeframes, which could impact Bitcoin's price action. Analysts have noted that these indicators suggest caution among traders, particularly as the market approaches critical candle closes. The interplay between these technical signals and market sentiment will be crucial in determining whether Bitcoin can maintain its upward momentum.

What should traders consider as Bitcoin price approaches $27.5K after its best September since 2016?

Traders should closely monitor the order book for signs of liquidity and resistance around the $27,500 level, as this could indicate potential selling pressure. Additionally, with the upcoming U.S. government shutdown looming, external factors may also influence Bitcoin's price action. It's essential for traders to remain vigilant and conduct thorough research before making any trading decisions in this volatile environment.