bitcoin (btc) rose at the September 27 Wall Street open as one analyst predicted a return to $30,000 in October.
btc price hits $27,000 in new rally
Data from Cointelegraph Markets Pro and TradingView followed btc price action as bulls gained strength to reach $26,823 on Bitstamp.
The 2% jump to near-weekly highs came as market commentators were already eyeing weak overhead resistance, with a breakout in play should it not rally.
“The liquidity requested is quite wide and thin here again, so a bullish move is likely to come from criminals,” popular trader Skew explained, continuing the theme.
Skew added that “this can create good opportunities with potential inefficiencies and premiums down the road.”
$btc Binance Spot / Binance Perp
A fairly clear predatory movement is brewing pic.twitter.com/qJI2WFvizx— Skew Δ (@52kskew) September 27, 2023
ha ha ha https://t.co/xlWnrxLmTD pic.twitter.com/kPPKlfLj0Z
— Skew Δ (@52kskew) September 27, 2023
On-chain monitoring resource Material Indicators revealed an increase in activity from a specific class of whales well known for their impact on btc price action (PA).
Material Indicators further noted that the move above $26,500 had invalidated a warning signal that appeared on the back of a daily chart “death cross” at the start of the week.
“Purple buys dips and sells gains. I’m happy to swim in its wake,” co-founder Keith Alan. confirmed.
#FireCharts integrates a CVD chart grouped by order class showing that historically, the Purple Class of Whales with order sizes in the range of $100k – $1M have had the most influence over bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin PENNSYLVANIA. pic.twitter.com/gWPefQya05
— Material indicators (@MI_Algos) September 27, 2023
“There we go, bitcoin is on the rise and surpasses crucial areas,” analyst Michaël van de Poppe said X subscribers in part of the day’s coverage.
“I would prefer to see $26,500 and if we do, we will likely see $30,000 in October.”
crypto Traders Avoid Massive Liquidations
Meanwhile, data from tracking resource CoinGlass confirmed that short-term liquidations remained modest.
Related: bitcoin Trading Volume Follows 5-Year Lows as Fed Inspires btc Manipulation
At the time of writing, around $13 million in btc shorts had been liquidated for the day, with a total cross-cryptocurrency of $39 million.
btc/USD was trading around $26,700 at the time of writing as volatility was still present.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
