Bitcoin bulls were unable to maintain their grip on the $27,000 mark as the monthly and quarterly close approached on September 30. The cooling off of BTC price action ahead of the key September candle print was observed by data from Cointelegraph Markets Pro and TradingView. Although the largest cryptocurrency was up almost 4% for the month, marking its most successful September since 2016, the quarterly performance for Q3 showed BTC/USD down 11.5% at the time of writing, according to monitoring resource CoinGlass.
Traders and analysts were eagerly awaiting the closing hours of the monthly candle, hoping for a positive outcome. Popular trader Jelle noted that historically, a green September has often resulted in positive subsequent months as well. The day prior, Jelle predicted that Q4 would bring new strength, potentially leading to a breakout above $30,000 for the first time since August.
However, the situation on the technical front appeared bearish, with key moving averages on the daily, weekly, and monthly timeframes showing textbook bearish signals. Material Indicators co-founder Keith Alan warned about the possibility of killer whales manipulating the market around the candle closes. He advised traders not to fall into any traps that might be set. Additionally, the looming United States government shutdown was expected to continue suppressing BTC price action unless a solution was found in time.
The BTC/USD order book on Binance indicated bid liquidity around $26,800, while sellers were waiting at $27,500, suggesting potential resistance levels. Despite the volatility experienced in the previous week, popular trader Daan Crypto Trades expected less erratic price action until later on Sunday. Daan Crypto Trades pointed out the possibility of the CME Group Bitcoin futures opening and closing prices acting as a magnet for the BTC spot price, a phenomenon that has been observed before.
It is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision carries a certain level of risk, and readers should conduct their own research before making any decisions.
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