On September 27, Bitcoin made a notable upward move, coinciding with the opening of Wall Street.
This surge in Bitcoin’s price saw it climb to $26,823 on the Bitstamp exchange, marking a 2% increase and reaching weekly highs.
Market analysts had already been keeping a close watch on the cryptocurrency’s price movement, anticipating the possibility of a breakout.
One prominent trader known as Skew pointed out that the liquidity for purchasing Bitcoin was relatively thin at the moment, suggesting that a further upward move might come from perpetual contracts (perps).
This situation could potentially create opportunities due to inefficiencies and potential premiums in the market.
Additionally, on-chain monitoring data from Material Indicators revealed increased activity among a specific class of whales known for their influence on Bitcoin’s price.
This development was seen as a positive sign for Bitcoin’s price action.
Material Indicators also highlighted that Bitcoin’s move above the $26,500 mark had invalidated a warning signal triggered by a “death cross” on the daily chart earlier in the week.
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Keith Alan, co-founder of Material Indicators, expressed confidence in following the trading strategies of these influential whales, stating, “Purple buys dips and sells rips. I’m happy to swim in their wake.”
Renowned analyst Michaël van de Poppe shared his insights, suggesting that if Bitcoin could maintain its price above $26,500, there was a strong likelihood of it reaching $30,000 by October.
Data from the monitoring resource CoinGlass showed that short liquidations in the Bitcoin market remained relatively low.
Around $13 million worth of Bitcoin shorts were liquidated on that day, contributing to a total cross-crypto liquidation amount of $39 million.
At the time of writing, Bitcoin was trading at approximately $26,700, demonstrating ongoing volatility in the cryptocurrency market.
As Bitcoin continued to show strength and resilience, many traders and investors remained optimistic about its potential for further gains in the near future.
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