As Bitcoin hovers around $27,091, the bullish momentum faced a challenge nearing the end of September, with a decline of over 11% in Q3. The cryptocurrency is on track for its most successful September since 2016, boasting a nearly 4% gain month-to-date, according to data from CoinGlass.
With the impending monthly and quarterly close, traders are closely monitoring key candle prints. Notably, popular analyst Jelle speculates on the historical trend of a green September leading to positive outcomes in October, November, and December.
Despite optimism, caution prevails in the market. Analysts warn of potential bearish technical signals, and concerns arise about the impact of an imminent U.S. government shutdown on Bitcoin’s price action. Material Indicators co-founder Keith Alan highlights the likelihood of intensified whale activity around crucial candle closes, advising traders not to fall into potential traps.
Market dynamics reveal bid support around $26,800 on the Binance exchange, while sellers position themselves at $27,500. Traders like Daan Crypto Trades anticipate relative stability leading up to the new week, pointing to subdued open interest after the volatility of the previous week.
Examining the CME Group Bitcoin futures chart, there’s a suggestion that opening and closing prices could influence BTC spot prices, a phenomenon worth monitoring in the evolving market landscape.