Bitcoin Price Surges in September, but Bears Eye $27.5K

Bitcoin's (BTC) price has been on the rise in September, marking its best performance for the month since 2016. However, as the monthly and quarterly close approaches, BTC bulls are losing their grip on the $27,000 level. Traders and analysts are closely watching the candle closes to see if history will repeat itself.

Bitcoin's Successful September

Data from CoinGlass, a monitoring resource, reveals that Bitcoin has gained nearly 4% month-to-date, making it the most successful September in the past five years. However, its quarterly performance for Q3 is down 11.5% at the time of writing.

Candle Closes and Price Action

As Bitcoin approaches the end of September, the final hours of the monthly candle can be crucial. In the past, a positive September has often resulted in positive performance in October, November, and December as well. Traders are eagerly watching to see if history will repeat itself.

Bearish Signals and Government Shutdown

While the price of Bitcoin is currently looking bullish, there are warning signs of a potential downturn. Material Indicators, a monitoring resource, has identified bearish signals from multiple moving averages across different timeframes. In addition, the possible United States government shutdown could continue to suppress BTC price action unless a resolution is reached in time.

Key Price Levels

The BTC/USD order book on Binance, the largest global exchange, shows that bid liquidity is centered around $26,800, while sellers are waiting at $27,500. Traders are closely monitoring these price levels to gauge the next move.

Less Volatility Expected

Not all traders are expecting a volatile market in the immediate future. Some predict that open interest has cooled down, suggesting a period of stability until the new week begins. The phenomenon of Bitcoin futures opening and closing prices acting as a magnet for the BTC spot price is also observed.

Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.