BTC surpasses $27,000: September high in sight?

bitcoin price has recovered in the last 24 hours, returning it to a resistance level of $27.20. The recovery has not yet taken the coin to the monthly high, although some in the industry have not ruled it out as it may still happen.

In the last seven days the price of bitcoin has changed its behavior quite frequently. The currency remained almost flat between September 22 and 25, trading below a resistance of $26.65 thousand. Since this took place over the past weekend, it is understandable why there was a lack of action from bitcoin.

However, on Monday, bitcoin price fell just above the $26,000 support, sparking speculation of further declines. Between September 25 and 27, the price of bitcoin experienced a slight recovery, making several attempts at growth. All of them stopped before the coin reached resistance at $26.4K, but the coin apparently found new support at $26.15K, making it a little easier for traders who now had a support above $26k to rely on.

However, late on September 27, btc surprised market participants by surpassing $26.75k, although this was only a temporary boost that ended within hours, still during the same day. The price returned to the starting point: 26.25 thousand dollars. However, at this point, it also generated a more stable recovery.

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The new rally started at $26.25k, taking the coin up to $26.55k, where it found resistance. While many speculated that this was the highest price it would reach, btc took a surprising jump, taking it to $27.20k before the day was over.

Since then, the coin’s price has been trying to break the resistance at $27.20K, while it found support at $27K that had mostly kept it above this level for the past 24 hours. The coin saw a 2.2% rise on the daily chart.

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As for what will happen next, there are speculations and predictions, although, as always, none offer absolute certainty.

One positive aspect to note is that September is almost over, which many consider to be positive news for prices. September has historically been the worst month for cryptocurrency prices, so its conclusion is a positive sign.

However, there has also been an event that could strongly impact prices later today.

Prominent bitcoin Options Expiration Happens Today

Today, September 29, around 118,000 bitcoin options contracts worth $3.2 billion will expire. The maximum pain point for expiration is $26,500, significantly lower than the current btc price.

Coincidentally, the expiration will occur on a rare day when the market is in the green, so a big question is whether and how it will affect prices.

Analysts have pointed out that this is a quarterly delivery and have added that the third quarter of 2023 has been as flat as in previous years. The third quarter is also the least active period, generally speaking, so more price activity is expected to follow.

However, while some speculate that the expiration could increase bullish momentum, others say that liquidity has deteriorated lately, so the prominent position change has been the main driver of trading.

bitcoin Minetrix emerges as the new pre-sale of the bitcoin brand

Another cryptocurrency named after bitcoin recently appeared with a pre-sale, and this time, the project is called bitcoin Minetrix (BTCMTX).

This project seeks to allow users to mine btc by staking BTCMTX tokens. The idea is similar to online mining pools, and users must purchase BTCMTX, stake it, and receive rewards when the company mines btc.

Since bitcoin mining is still prevalent and extremely expensive to do personally, this project is likely to attract more people looking for opportunities in the mining sector.

The pre-sale only started a few days ago and has already raised $198,780, suggesting that there is a high demand for their service.

Those interested can purchase BTCMTX, valued at $0.011, in exchange for eth, BNB, and USDT.

Related

New crypto mining platform: bitcoin Minetrix

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• Audited by Coinsult
• Secure and decentralized cloud mining
• Earn free bitcoin daily
• Native Token on Pre-Sale Now – BTCMTX
• Staking Rewards: Over 10,000% APY

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