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HomeFinance NewsBitcoin price surges in September, nearing $27.5K target, its best since 2016

Bitcoin price surges in September, nearing $27.5K target, its best since 2016

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Bitcoin bulls lost their grip on $27,000 as the monthly and quarterly close approached. While BTC remained up almost 4% for the month, marking its most successful September since 2016, its Q3 performance showed a decline of 11.5%. Traders and analysts were closely watching for any changes during the final hours of the monthly candle, with some speculating a potential green October, November, and December based on historical patterns. However, bearish technical indicators and the looming possibility of a US government shutdown could continue to suppress BTC price action.

Meanwhile, Material Indicators co-founder Keith Alan warned of potential market traps and heightened volatility as the weekend and daily, weekly, and monthly candle closes approached. Bid liquidity was observed around $26,800, while sellers were waiting at $27,500 according to the BTC/USD order book on Binance. Popular trader Daan Crypto Trades expected less volatile conditions until later on Sunday, noting that open interest had cooled down. He also highlighted the magnet effect of CME Group Bitcoin futures opening and closing prices on BTC spot price.

It is important to note that this article does not provide investment advice, and readers should conduct their own research and assessment of risks before making any investment decisions.

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