Bitcoin prices have been slipping since July when they fell to record lows. Still, investors are anxious to see what’s going to happen next.
Last week, the Federal Reserve’s DecisionBTC fell as another increase in the interest rate drove more US Dollars off of circulation. BTC saw a remarkable surge of volatility on September 27th, after it found support above $18,000 psychological levels. In the end, Bitcoin recovered and traded at above $20,000 for its number one digital asset after a long week.
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Differed Opinions on BTC’s Volatile Tuesday Run
TradingView monitored the BTC price movement as it closed green by 7% September 26th. Bitstamp data showed that Bitcoin reached its highest price of $20,344 and then settled at $20,000.
Many traders involved in the cryptocurrency bubble were captivated by the news. The news triggered bipolar responses from people. Investors should avoid rush-to-enter based on the fear that they might miss out.
A Twitter user that has strong crypto presence rejected any possibility of market recovery. Capo of Crypto believesBefore we experience any relief from crypto winter, there will be lower lows than $19,000Source: BTCUSD Price Chart from TradingView.com
What will happen to the bears if they run off with bulls this month?
BTC’s aggressive gains made September’s last Tuesday an eventful day in the crypto world. Not only are users expressing their opinions on the possible interpretation of this move, but many other crypto research firms can’t wait to get in the fray and offer their perspective.
According to an on-chain analysis from Santient, the future of BTC’s price rests in the hands of the bulls. BTC’s price action has a bright future if they can defend their $20,000 position until Friday and close September with a green close.
Santient’s crypto market data-analytics platform also observed that many people took profit as soon as BTC exceeded $20,000 threshold. It appears that traders have set mental-noted, automatic take profit signals around this mark. Santient shared a transaction log containing details of traders who claimed profits or closed losses at the exact same price.
How September’s Ending Might Define The Future Direction of Crypto
Based on Santient’s tweet reclaimingBTC’s closing probability is higher at the $20,000 level than it was in September. And more importantly, finishing past this psychological level will have a hugely positive effect on investors’ sentiment.
September was a slow month in the crypto-leadership world. Bitcoin is making modest monthly gains at 0.7% despite the 7.7% gain on September 27th. That’s a heavy contrast to the day before, which left bitcoin trailing at a 6% loss according to monthly P&L dataCoinGlass
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It’s crucial that BTC ends above its September beginning point regardless of how small the gains. BTC will record its first “September green” month since 2016 to finish this month in profit.
Bitcoin has slightly fallen below $20,000 as of the writing Trade around $19,150.
Featured image taken from Pixabay. Chart from TradingView.com