BTC Price Reaches $27K in Fresh Uptick
Bitcoin (BTC) jumped higher as the Wall Street opened on September 27, with one analyst predicting a return to $30,000 in October. The BTC price reached $26,823 on Bitstamp, marking a 2% increase to near-weekly highs. Market commentators are keeping an eye on thin overhead resistance, anticipating a breakout if it is not replenished.
Whales' Activity Boosts BTC Price Action
On-chain monitoring resource Material Indicators reported an increase in activity from a specific class of whales that typically have an impact on BTC price action. This activity helped invalidate a warning signal that occurred at the beginning of the week when a daily chart "death cross" formed. Co-founder Keith Alan of Material Indicators confirmed their confidence in the uptick and stated, "Purple buys dips and sells rips."
Analysts and Traders Optimistic as Bitcoin Breaks Above Crucial Areas
Analyst Michaël van de Poppe expressed his optimism as Bitcoin broke above key levels, stating, "There we go, Bitcoin is up and breaks above crucial areas." Crypto traders were able to dodge mass liquidations, with data from monitoring resource CoinGlass showing modest short liquidations of around $13 million in BTC shorts for the day.
BTC/USD Trades at Around $26,700 as Volatility Remains
At the time of writing, BTC/USD was trading at approximately $26,700, while volatility continued to persist. Despite the positive price movements, it is important to note that this article does not provide investment advice or recommendations. Readers are advised to do their own research and assess the risks associated with investments and trading.
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