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Bitcoin (BTC) advocates lost their hold on $27,000 as September 30 approached, with the monthly and quarterly close becoming increasingly significant.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin prepares for three critical candle closures
Information from Cointelegraph Markets Pro and TradingView indicated a slowdown in BTC price movements leading up to the crucial September candle print.
The foremost cryptocurrency remained nearly 4% higher for the month, representing its best September since 2016, according to data from monitoring platform CoinGlass.
BTC/USD monthly returns (screenshot). Source: CoinGlass
In contrast, the quarterly performance for Q3 revealed BTC/USD down 11.5% at the time of this report.
BTC/USD quarterly returns (screenshot). Source: CoinGlass
For traders and analysts, the final hours of the monthly candle could bring significant changes.
“Historically, a positive September has led to a fruitful October, November, and December,” remarked notable trader Jelle within the day’s X analysis.
“Will history repeat itself?”
The previous day, Jelle anticipated improved conditions for Q4, including a breakout above $30,000 for the first time since early August.
After several months of coin accumulation and gradually preparing for the bull market, I believe the time has come.
Anticipating Q4 to bring renewed strength — and a breach of $30k.
Let’s go.#Bitcoin pic.twitter.com/vkl0aq5hRS— Jelle (@CryptoJelleNL) September 29, 2023
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“Classic bearish technicals”
In the meantime, Monitlonger and shorter timeframes.
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Aside from the monthly and weekly closure, the potential U.S. government shutdown is likely to continue hindering BTC price movements unless a resolution is reached promptly, it noted.
We are entering the final #trading day of the month with classic bearish technicals from the Key Moving Averages on Daily, Weekly, and Monthly timeframes, and #TrendPrecognition is signaling a new #TradingSignals on the #BTC Daily chart as if it knows we have a looming U.S.… pic.twitter.com/l9Mm2SHyFu
— Material Indicators (@MI_Algos) September 30, 2023
“There is a significant chance that large investors will escalate their weekend whale activities surrounding Daily, Weekly, and Monthly candle closures. Avoid falling into a trap,” part of additional remarks from Material Indicators co-founder Keith Alan stated.
A snapshot of the BTC/USD order book on the largest global exchange Binance revealed bid liquidity clustering around $26,800. Meanwhile, sellers were positioned at $27,500.
BTC/USD order book data for Binance. Source: Material Indicators/X
Others, including well-known trader Daan Crypto Trades, predicted reduced volatility until just before the new week begins.
<p“We experienced volatility last week, but open interest has decreased, so I doubt we’ll see any unusual price movements until perhaps later on Sunday,” he informed X subscribers on that day.
An accompanying chart demonstrated that the CME Group Bitcoin futures’ opening and closing prices might act as a magnet for BTC spot price — a typical occurrence.
BTC/USD annotated chart. Source: Daan Crypto Trades/X
This article does not offer investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research prior to making any choices.
