Bitcoin (BTC) delivered lengthy-anticipated volatility on Sep. 27 like a squeeze greater led to a push beyond $20,000.
BTC cost 9-day highs greet traders
Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it added over 7% following the Sep. 26 close.
Local highs of $20,344 made an appearance on Bitstamp prior to the pair started consolidating around $20,200.
The move naturally didn’t go undetected by in buying and selling circles, but opinions differed within the outcome, among warnings the whole episode may finish up trapping overoptimistic traders taking late lengthy positions.
“No [rejection] yet, but soon. Expecting greater for the time being,” popular Twitter account Il Capo of Crypto summarized, sticking with a theory which required new lower lows compared to sub-$19,000 levels seen in the last week.
Research firm Santiment meanwhile noted mass profit-taking beginning as Bitcoin recrossed the $20,000 boundary the very first time in more than a week.
“Many traders were apparently waiting for the $20k threshold to start selling their bags,” it revealed alongside a chart of transactions made in a profit or loss for their owner.
“As Bitcoin entered back above this mental level, mass profit taking ensued. Now we discover out whether individuals anxious to market will regret their decisions.”
Can bulls beat “Septembear?”
In an indication of how even modest cost moves could affect market sentiment, meanwhile, the go back to $20,000 setup BTC/USD to complete September greater than in the beginning.
Related: ‘The bond market bubble has burst’ — 5 items to know in Bitcoin now
As noted by on-chain analytics resource Material Indicators, all now rested on bulls’ capability to defend BTC cost action in to the monthly close.
“BTC now in place for any eco-friendly Monthly close…whether it holds through Friday. Taking profits on the way,” it confirmed inside a tweet.
While modest, Bitcoin’s September gains totaled .7% during the time of writing, with BTC/USD at $20,200. When the month winds up “green,” it might be the very first non-loss making September since 2016, data from Coinglass shows.
Only a day formerly, Bitcoin was searching at monthly losses of 6% or even more.
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