Bitcoin (BTC) 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.
After months of accumulating coins, and slowly preparing us for the bull market, I think its time.
Expecting Q4 to bring new strength — and a break of $30k.
Send it.#Bitcoin pic.twitter.com/vkl0aq5hRS
— Jelle (@CryptoJelleNL) September 29, 2023
“Textbook bearish technicals”
Meanwhile, Monitlonger and shorter timeframes.
Related: Bitcoin halving to raise ‘efficient’ BTC mining costs to $30K
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.
We are heading into the last #trading day of the month with textbook 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 knows we have a looming U.S.… pic.twitter.com/l9Mm2SHyFu
— Material Indicators (@MI_Algos) September 30, 2023
“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.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://cointelegraph.com/news/bitcoin-price-best-september-since-2016
- :has
- :is
- :not
- $UP
- 000
- 11
- 2016
- 29
- 30
- 500
- 8
- a
- acting
- Action
- added
- Additional
- advice
- ahead
- Alan
- analysis
- Analysts
- and
- any
- ARE
- around
- article
- AS
- At
- AUGUST
- BE
- bearish
- before
- BEST
- Better
- bid
- binance
- Bitcoin
- Bitcoin Futures
- Bitcoin Price
- book
- Break
- breakout
- bring
- BTC
- btc mining
- btc price
- BTC/USD
- bull
- Bull Market
- Bulls
- but
- change
- Chart
- Close
- Closes
- closing
- CME
- CME Group
- Co-founder
- Coins
- Cointelegraph
- Common
- conditions
- Conduct
- contain
- continue
- Costs
- could
- crypto
- cryptocurrency
- daily
- data
- day
- December
- decision
- does
- Dont
- doubt
- down
- Early
- Every
- everything
- exchange
- expected
- eye
- final
- First
- first time
- flashing
- For
- found
- from
- Futures
- Games
- get
- Global
- Government
- Green
- Group
- had
- Halving
- Have
- he
- Heading
- High
- history
- HOURS
- HTTPS
- i
- if
- immediately
- impending
- in
- Including
- Indicators
- interest
- into
- investment
- IT
- ITS
- keith
- Key
- knows
- large
- largest
- Last
- later
- lay
- less
- Liquidity
- looming
- lost
- Making
- Market
- Markets
- marking
- material
- maybe
- Meanwhile
- Mining
- monitoring
- Month
- monthly
- months
- most
- move
- moving
- moving averages
- nearly
- New
- November
- october
- of
- off
- on
- open
- open interest
- opening
- or
- order
- own
- part
- past
- per
- performance
- plato
- Plato Data Intelligence
- PlatoData
- Popular
- potentially
- predicted
- preparing
- price
- PRICE ACTION
- Prices
- Prior
- Q3
- raise
- Read
- readers
- recommendations
- remained
- repeat
- research
- resource
- returns
- Risk
- s
- Sellers
- sept
- September
- should
- showed
- since
- Since 2016
- Slowly
- Snapshot
- So
- solution
- Source
- Spot
- States
- strange
- strength
- subscribers
- successful
- such
- sunday
- textbook
- that
- The
- their
- think
- three
- time
- to
- trader
- Traders
- trades
- Trading
- TradingView
- until
- us
- volatile
- Volatility
- wait
- we
- week
- weekend
- weekly
- WELL
- Whale
- whales
- when
- will
- with
- writing
- X
- zephyrnet