BTC price strength returns ahead of Wall Street trading, with $27,000 in Bitcoin bulls’ crosshairs.
Bitcoin (BTC) broke higher into the Sept. 27 Wall Street open as one analyst predicted a return to $30,000 in October.
BTC price reaches for $27,000 in fresh uptick
Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls gathered steam to reach $26,823 on Bitstamp.
The 2% jump to near-weekly highs came as market commentators already eyed thin overhead resistance, with a breakout on the cards should it not be replenished.
“Ask liquidity is pretty wide and thin here again so likely a move higher is going to come from perps,” popular trader Skew explained, continuing the topic.
Skew added that “this can create some good opportunities with inefficiencies & potential premiums later.”
$BTC Binance Spot / Binance Perp
— Skew Δ (@52kskew) September 27, 2023
Pretty clear predatory move in the making pic.twitter.com/qJI2WFvizx
lol https://t.co/xlWnrxLmTD pic.twitter.com/kPPKlfLj0Z
— Skew Δ (@52kskew) September 27, 2023
On-chain monitoring resource Material Indicators revealed an uptick in activity from one specific class of whales well known for its impact on BTC price action (PA).
Material Indicators further noted that the move above $26,500 had invalidated a warning signal that came on the back of a daily chart “death cross” at the start of the week.
“Purple buys dips and sells rips. I’m happy to swim in their wake,” co-founder Keith Alan confirmed.
#FireCharts integrates a CVD chart binned by order class which shows that historically, the Purple Class of Whales with order sizes in the $100k - $1M range have had the most influence over #Bitcoin PA. pic.twitter.com/gWPefQya05
— Material Indicators (@MI_Algos) September 27, 2023
“There we go, Bitcoin is up and breaks above crucial areas,” analyst Michaël van de Poppe told X subscribers in part of the day’s coverage.
“I’d prefer to see $26,500 and, if we do, we’re likely to see $30,000 in October.”
Crypto traders dodge mass liquidations
Data from monitoring resource CoinGlass meanwhile confirmed that short liquidations remained modest.
Related: Bitcoin exchange volume tracks 5-year lows as Fed inspires BTC hodling
Around $13 million in BTC shorts had been liquidated for the day at the time of writing, with the cross-crypto tally at $39 million.
BTC/USD traded at around $26,700 at the time of writing, as volatility remained.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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