Bitcoin price records its best level since 2016 in September as BTC sellers eye $27.5K

Bitcoin (BTC) bulls lost their grip on $27,000 by September 30 as the monthly and quarterly close loomed.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin is preparing for three important candlestick closes

Data from Cointelegraph Markets Pro and TradingView showed a slowdown in BTC price action ahead of the key September candlestick print.

According to data from monitoring resource CoinGlass, the largest cryptocurrency recorded a rise of almost 4% since the beginning of the month, marking its most successful September since 2016.

BTC/USD Monthly Returns (Screenshot). Source: CoinGlass

Conversely, quarterly performance for the third quarter showed BTC/USD down 11.5% at the time of writing.

BTC/USD quarterly returns (screenshot). Source: CoinGlass

Everything could change for traders and analysts in the final hours of the monthly candle.

“Historically, a green September also led to a green October, November and December,” noted popular trader Jelle in part of the day’s X analysis.

“Will history repeat itself?”

The day before, Jelle had predicted better conditions for the fourth quarter, including a breakout above $30,000 for the first time since early August.

After months of accumulating coins and slowly preparing for the bull market, I think it’s time.

I expect the fourth quarter to bring new strength – and a breakout of $30,000.

Send it.#Bitcoin pic.twitter.com/vkl0aq5hRS

— Jelle (@CryptoJelleNL) September 29, 2023

“Textbook bearish technicals”

Meanwhile, longer and shorter time frames can be monitored.

Related: Bitcoin Halving to Raise “Efficient” BTC Mining Cost to $30,000

Beyond the end of the month and week, the looming government shutdown in the US is likely to continue to suppress BTC price movement unless a solution is found in a timely manner, it said.

We are approaching the last #trading day of the month with textbook bearish technicals on the key moving averages on daily, weekly and monthly TFs, and #TrendPrecognition is displaying new #trading signals on the #BTC daily chart like it knows we have one looming USA… pic.twitter.com/l9Mm2SHyFu

— Material Indicators (@MI_Algos) September 30, 2023

“There is a high probability that killer whales will increase whale play on the weekend around the daily, weekly and monthly candle closes. Don’t be trapped,” read part of the additional comment from Keith Alan, co-founder of Material Indicators.

A snapshot of the BTC/USD order book on the largest global exchange Binance showed that supply liquidity stands at around $26,800. Meanwhile, sellers were waiting for $27,500.

BTC/USD order book data for Binance. Source: Material Indicators/X

Others, like popular trader Daan Crypto Trades, expected less volatile conditions until just before the new week.

“We had volatility last week, but open interest has cooled off, so I doubt we will see any strange price action until maybe later on Sunday,” he told X subscribers that day.

An accompanying chart showed that the opening and closing prices of CME Group’s Bitcoin futures may act as a magnet for the BTC spot price – a common phenomenon.

Annotated BTC/USD chart. Source: Daan Crypto Trades/X

This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.

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