Bitcoin Surges: Eyeing $30,000
Bitcoin, often denoted by its symbol BTC, experienced a downturn, settling at $27,142. However, it swiftly surged as Wall Street opened on September 27, aligning with an analyst's prediction of a potential climb to $30,000 in October.
BTC/USD 1-hour chart. Source: TradingView
The value of BTC inches closer to $27,000 in a recent upswing
In this recent upward movement, BTC's price approached the $27,000 mark, as evidenced by TradingView data, where bulls gained momentum, propelling it to $26,823 on Bitstamp.
This notable 2% rise, reaching near-weekly highs, occurred at a time when market experts were already anticipating a breakout due to relatively thin overhead resistance. They speculated that unless this resistance was reinforced, a significant upward move seemed likely.
Popular trader Skew noted the broad and sparse liquidity in the market, suggesting that any upward movement would likely come from perpetual contracts, potentially presenting lucrative opportunities amidst inefficiencies and 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
Material Indicators, a resource for monitoring on-chain activities, highlighted increased activity from a particular class of whales known for influencing BTC price action (PA).
Furthermore, Material Indicators observed that surpassing the $26,500 threshold invalidated a previous warning signal triggered by a "death cross" on the daily chart earlier in the week.
Co-founder Keith Alan shared insights, emphasizing a strategy of buying during price dips and selling during peaks, aligning with the behavior of a specific market group, metaphorically described as "purple."
#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
Analyzing the day's events, analyst Michaël van de Poppe conveyed optimism to X subscribers, expressing a preference to witness BTC at $26,500, foreseeing a potential rise to $30,000 in October.
BTC/USD annotated chart. Source: Michaël van de Poppe/X
Cryptocurrency traders skillfully avoid widespread liquidation events
Amidst this market movement, data from CoinGlass highlighted that crypto traders managed to navigate potential mass liquidations successfully. Specifically, around $13 million in BTC shorts were liquidated for the day, with the overall cross-crypto liquidation amounting to $39 million.
At the time of this analysis, BTC/USD was trading at approximately $26,700, with the market displaying a level of volatility.
Crypto liquidations chart (screenshot). Source: CoinGlass
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