Bitcoin gains 5% to reclaim $20K, eyes first ‘green’ September since 2016

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Bitcoin (BTC) delivered long-anticipated volatility on Sept. 27 as a squeeze increased resulted in a push past $20,000.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

BTC value 9-day highs greet merchants

Knowledge from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it added over 7% after the Sept. 26 shut.

Native highs of $20,344 appeared on Bitstamp earlier than the pair started consolidating at round $20,200.

The transfer naturally didn’t go unnoticed by in buying and selling circles, however opinions differed over the result, amid warnings that the entire episode could find yourself trapping overoptimistic merchants taking late lengthy positions.

“No [rejection] but, however quickly. Anticipating increased for now,” in style Twitter account Il Capo of Crypto summarized, sticking by a idea that demanded new decrease lows than the sub-$19,000 ranges seen over the previous week.

Analysis agency Santiment, in the meantime, famous mass profit-taking starting as Bitcoin recrossed the $20,000 boundary for the primary time in over every week.

“Many merchants have been apparently awaiting the $20k threshold to start promoting their luggage,” it revealed alongside a chart of transactions made at a revenue or loss to their proprietor.

“As Bitcoin crossed again above this psychological degree, mass revenue taking ensued. Now we discover out whether or not these anxious to promote will remorse their choices.”

Bitcoin transactions in revenue/ loss annotated chart. Supply: Santiment/ Twitter

Can bulls beat “Septembear?”

In an indication of how even modest value strikes can impression market sentiment, in the meantime, the return to $20,000 arrange BTC/USD to complete September increased than at first.

Associated: ‘The bond market bubble has burst’ — 5 things to know in Bitcoin this week

As famous by on-chain analytics useful resource Materials Indicators, all now rested on the bulls’ capability to defend BTC value motion into the month-to-month shut.

“BTC now in place for a inexperienced Month-to-month shut…if it could maintain by way of Friday. Taking income alongside the best way,” it confirmed in a tweet.

Whereas modest, Bitcoin’s September good points totaled 0.7% on the time of writing, with BTC/USD at $20,200. If the month finally ends up “inexperienced,” it will be the primary non-loss-making September since 2016, knowledge from Coinglass shows.

Just a day previously, Bitcoin was taking a look at month-to-month losses of 6% or extra.

BTC/USD month-to-month returns chart (screenshot). Supply: Coinglass

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, you must conduct your individual analysis when making a call.