Bitcoin (BTC) saw a surge in price as it reached for $27,000 during the Sep. 27 Wall Street open, with one analyst predicting a return to $30,000 in October. This jump in price was followed closely by data from Cointelegraph Markets Pro and TradingView, which showed that BTC reached $26,823 on Bitstamp, marking a 2% increase to near-weekly highs. Market commentators began eyeing thin overhead resistance, and a breakout was expected if this resistance was not replenished.
Popular trader Skew commented on the situation, noting that the current ask liquidity was wide and thin, suggesting that a move higher was likely to come from perpetuals. Skew also mentioned that this could create opportunities with inefficiencies and potential premiums later on. This sentiment was echoed by Material Indicators, an on-chain monitoring resource, which revealed an uptick in activity from a specific class of whales known for their impact on BTC price action.
Material Indicators also reported that the move above $26,500 had invalidated a warning signal that came from a daily chart “death cross” earlier in the week. This news was welcomed by co-founder Keith Alan, who stated that he was happy to swim in the wake of the whales. They further emphasized the influence of the Purple Class of Whales, who historically had the most impact on BTC price action.
Analyst Michaël van de Poppe expressed his optimism about the current BTC price movement, stating that he would prefer to see BTC reach $26,500, as that would increase the likelihood of reaching $30,000 in October. He shared annotated charts to support his analysis, offering a visual representation of his predictions.
Meanwhile, data from monitoring resource CoinGlass showed that short liquidations remained modest, indicating that crypto traders were successfully avoiding mass liquidations. At the time of writing, around $13 million in BTC shorts had been liquidated and the cross-crypto tally stood at $39 million. This data suggests that traders were managing their positions effectively and mitigating potential losses.
BTC/USD was trading at around $26,700 at the time of writing, displaying continued volatility in the market. It’s important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.
In conclusion, Bitcoin experienced a significant surge in price, reaching for $27,000, with analysts predicting a potential rise to $30,000 in October. Market commentators and on-chain monitoring resources noted the influence of specific whales on BTC price action. Despite the volatility in the market, traders managed to avoid mass liquidations, demonstrating their ability to navigate the market effectively.
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