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Bitcoin (BTC) surged ahead as the Wall Street session commenced on September 27, with one analyst forecasting a rebound to $30,000 in October.
BTC/USD 1-hour chart. Source: TradingView
BTC price aims for $27,000 in new upswing
Data from Cointelegraph Markets Pro and TradingView tracked BTC’s price movements as buyers gained momentum, reaching $26,823 on Bitstamp.
The 2% increase to near-weekly peaks occurred as market analysts noted the presence of thin overhead resistance, suggesting a potential breakout if it remains unaddressed.
“Ask liquidity is quite sparse and thin here again, so a move upward is likely to originate from perps,” noted popular trader Skew, elaborating on the situation.
Skew further mentioned that “this can create favorable opportunities with inefficiencies & possible premiums later.”
$BTC Binance Spot / Binance Perp
A clear predatory move appears to be forming pic.twitter.com/qJI2WFvizx— Skew Δ (@52kskew) September 27, 2023
lol https://t.co/xlWnrxLmTD pic.twitter.com/kPPKlfLj0Z
— Skew Δ (@52kskew) September 27, 2023
On-chain analytics platform Material Indicators reported an increase in activity from a particular group of whales known for their influence on BTC price movements (PA).
Material Indicators also indicated that the rise above $26,500 had negated a warning signal triggered by a daily chart “death cross” earlier in the week.
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“Purple buys dips and sells rips. I’m content to follow their lead,” co-founder Keith Alan stated.
#FireCharts incorporates a CVD chart categorized by order class, showing that historically, the Purple Class of Whales with order sizes between $100k and $1M have had the most significant impact on #Bitcoin PA. pic.twitter.com/gWPefQya05
— Material Indicators (@MI_Algos) September 27, 2023
“Here we go, Bitcoin is rising and surpassing key levels,” analyst Michaël van de Poppe informed X subscribers as part of the day’s updates.
“I’d prefer to see $26,500, and if we do, we’re likely to reach $30,000 in October.”
BTC/USD annotated chart. Source: Michaël van de Poppe/X
Crypto traders avoid mass liquidations
Data from the monitoring platform CoinGlass confirmed that short liquidations remained relatively low.
Related: Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling
Approximately $13 million in BTC shorts had been liquidated for the day at the time of this report, with the total across all cryptocurrencies reaching $39 million.
Crypto liquidations chart (screenshot). Source: CoinGlass
BTC/USD was trading around $26,700 at the time of this report, as volatility persisted.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making a decision.
