Bitcoin shorts keep burning as BTC price seeks to hold $27K

Bitcoin (BTC) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC cost action upward.BTC/ USD 1-hour chart. Source: TradingViewBTC cost maintains over night strengthData from Cointelegraph Markets Pro and TradingView revealed the biggest cryptocurrency attempting to hold gains after a classic “brief capture.” The day prior provided a journey past the $27,000 mark, with Bitcoin bulls nonetheless unable to seal a fresh peak for September.Topping out at $27,300 on Bitstamp, BTC rate strength then returned to consolidate, still up 4% versus the weeks low at the time of writing.Analyzing the scenario on low timeframes (LTFs), popular trader Skew said that the benefit had come courtesy of derivatives markets, with spot traders offering at the highs.

Bitcoin (BTC) bounced around $27,000 on Sep. 29 as an obstacle to month-to-date highs dragged BTC rate action upward.BTC/ USD 1-hour chart. Source: TradingViewBTC price maintains overnight strengthData from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “brief squeeze.” The day prior offered a trip past the $27,000 mark, with Bitcoin bulls nonetheless unable to seal a fresh peak for September.Topping out at $27,300 on Bitstamp, BTC cost strength then returned to consolidate, still up 4% versus the weeks low at the time of writing.Analyzing the situation on low timeframes (LTFs), popular trader Skew said that the upside had actually come courtesy of derivatives markets, with spot traders selling at the highs.

“$BTC is back ABOVE the SMA 20 line. “If Bitcoin closes above this line, August can be considered a fakeout. Source: Moustache/XMoustache referenced Bitcoins brief spurt past $28,000 into the August month-to-month close.