Bitcoin (BTC) delivered long-awaited volatility on September 27, pushing it above $20,000 on the upside.
BTC price greets 9-day high traders
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rallied more than 7% since the close on September 26.
A local high of $20,344 was seen on Bitstamp before the pair started consolidating around $20,200.
The move naturally didn’t go unnoticed in trading circles, but opinions on the outcome were mixed, amid warnings that the overall scenario could trap highly optimistic traders of late.
“no [rejection] Not yet, but soon. For now we are expecting higher,” said the popular Twitter account of Il Capo of Crypto It is concludedSticking with theory that calls for lower lows below $19,000 seen last week.
Research firm Sentiment, on the other hand, said that Bitcoin had made significant gains as it crossed the $20,000 mark for the first time in more than a week.
“A lot of traders were waiting for the $20k threshold to start selling their wallets.” revealed With a table of transactions made to their owners at profit or loss.
“When Bitcoin breaks back from this psychological level, it starts to take a lot of profit. Now we know if people who are worried about selling will regret their decision.
Meanwhile, a return to $20,000 set up BTC/USD to finish above its early September highs, showing that even modest price swings can affect market sentiment.
Related: ‘The Bond Market Bubble Has Burst’ – 5 Things to Know in Bitcoin This Week
It all now rests on the bulls’ ability to resist BTC’s price action to the monthly close, according to material indicators from an on-chain analyst source.
“BTC is now at a green monthly close…if it can hold until Friday. Take profits on the way.” Confirmed On Twitter.
Although modest, with BTC/USD at $20,200, Bitcoin’s September gain totaled 0.7%. If the month ends “green,” it will be the first since September 2016 to go green, data from CoinLass shows.
Just a day earlier, Bitcoin was seeing monthly losses of 6% or more.
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