Today, the strength in Bitcoin prices returned ahead of Wall Street trading. BTC bulls had $27,000 as their target. However, the leading cryptocurrency could not continue this momentum. However, one popular analyst is pointing higher for BTC in October.
BTC price approached $27,000 with a new rise
During the day, BTC bulls struggled to push it to $26,823 on Bitstamp. The leading cryptocurrency jumped almost 2% to its highest level in the week. Market commentators say Bitcoin boas are currently staring at a slim overhead resistance. They also state that a breakout is possible in the cards if it is not renewed. Popular analyst Skew shares the following assessment on the subject:
Liquidity here is again quite wide and thin. Therefore, a higher move will probably come from the perps. This can then create some good opportunities with inefficiencies and potential bonuses.
$BTC Binance Spot / Binance Perp
Pretty clear predatory move in the making pic.twitter.com/qJI2WFvizx— Skew Δ (@52kskew) September 27, 2023
It makes sense to swim in the wake of Bitcoin whales!
On-chain monitoring resource Material Indicators reveals an increase in the activity of a particular class of whales that are well known for their influence on Bitcoin price action (PA). The tracking source also notes that the move above $26,500 invalidates a warning signal that came with a daily chart “death cross” earlier in the week. Co-founder Keith Alan concludes from this:
Purple buys the dips and sells the dips. I’m happy to swim in their wake.
#FireCharts integrates a CVD chart binned by order class which shows that historically, the Purple Class of Whales with order sizes in the $100k – $1M range have had the most influence over #Bitcoin PA. pic.twitter.com/gWPefQya05
— Material Indicators (@MI_Algos) September 27, 2023
Michaël van de Poppe: $30 thousand on the cards for Bitcoin in October!
Another popular analyst, Michaël van de Poppe, said for part of the day, “Here we go. “Bitcoin rose and broke above key areas.” He shared. The analyst also said, “I would rather see $26,500. “If we see it, we will likely see $30,000 in October.”
BTC annotated chart. Source: Michaël van de PoppeCrypto traders flee mass liquidations
Meanwhile, data from monitoring resource CoinGlass confirms that short liquidations remain modest. At the time of writing, approximately $13 million in short positions for Bitcoin have been liquidated. Additionally, its cross-crypto tally was $39 million.
Crypto liquidation chart. Source: CoinGlassBTC was trading around $26,240 at the time of writing as volatility continues. As you follow from Kriptokoin.com, Bitcoin made a strong attack during the day. However, the leading cryptocurrency could not sustain this and lost its momentum. After this, BTC returned to its exit point.
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