Bitcoin (BTC) rose at the open on Wall Street on September 27, with one analyst predicting a return to $30,000 in October.
BTC price rises again, reaching $27,000
Data comes from Cointelegraph Markets Pro and trading view Bullish momentum reached $26,823 on Bitstamp as Bitcoin price action increased.
With shares rising 2% to recent weekly highs, market commentators have set their sights on weak overhead resistance, which could lead to a breakout if not replenished.
Popular trader Skew continued on the topic, explaining: “Liquidity offers here are pretty wide and thin, so the upside could come from perpetuators.”
Skew added, “This can create some good opportunities, but it’s inefficient and may incur a premium later on.”
Bitcoin USD Binance Spot/Binance Perp
A fairly obvious predatory move is brewing. pic.twitter.com/qJI2WFvizx— Skew Δ (@52kskew) September 27, 2023
Ha ha pic.twitter.com/kPPKlfLj0Z
— Skew Δ (@52kskew) September 27, 2023
On-chain monitoring resource Material Indicators shows increased activity from a specific type of whale known for its influence on BTC price movements (PA).
Material Indicators further noted that a price break above $26,500 has invalidated the warning signal issued after the “death cross” on the daily chart earlier this week.
“Purple buy the dips and sell the highs. I’m happy to be swimming with them.” Co-founder Keith Alan comfirmed.
#FireCharts Consolidated CVD chart by order category, which shows that historically, Purple Whale pairs have had order sizes in the $100,000 to $1,000,000 range. #bitcoin Pennsylvania. pic.twitter.com/gWPefQya05
— Material Indicators (@MI_Algos) September 27, 2023
Analyst Michaël van de Poppe said: “Bitcoin is rising and breaking through key areas.” Tell X subscribers participate in some of the day’s coverage.
“I’d like to see $26,500, and if we do that, we’ll probably see $30,000 in October.”
Cryptocurrency traders dodge mass liquidations
Meanwhile, data from monitoring resource CoinGlass confirms that short liquidation remains moderate.
Related: Fed encourages Bitcoin holdings, Bitcoin trading volume hits five-year low
As of this writing, approximately $13 million of BTC shorts have been liquidated on the day, for a total cross-crypto short position of $39 million.
As of this writing, BTC/USD is trading around $26,700 and volatility remains.
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This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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