BTC Reclaims Its 20K Spot After A Couple Of Bloody Weeks
September 27 2022 - 6:22PM
NEWSBTC
After plummeting to significant lows in July, bitcoin has been
locked in a sideways trading action angling towards higher prices.
Still, investors are anxious to see what’s going to happen
next. Last week, the Federal Reserve’s decision to squeeze
more US Dollars out of circulation with another interest rate hike
sent BTC tumbling. After finding support at the $18,000
psychological level, BTC surged 7% on the 27th of September in a
tremendous display of volatility. As a result, the number one
digital asset recovered to trading above $20,000 for the first time
in over a week. Related Reading: Bitcoin 90-Day CDD Hits
All-Time Low, What Does It Say About Market? Differed Opinions on
BTC’s Volatile Tuesday Run TradingView tracked the movement
of BTC as it closed in the green by 7% on the 26th of September.
Data from Bitstamp reported a price peak at $20,344 before it
eventually settled at $20,200. As expected, the move seized
the attention of many traders in the crypto bubble. However, people
gave bipolar reactions to the news. Other comments warned investors
to avoid making hasty, late entries influenced by the fear of
missing out. Analysis from a user with a strong crypto
presence on Twitter dismissed any hope of a market reversal just
yet. Capo of Crypto believes there would be lower lows below
$19,000 before we see any relief from the crypto winter. Will
The Bulls Run The Bears Out Of The Market This Month? BTC’s
aggressive gains made September’s last Tuesday an eventful day in
the crypto world. Besides users giving their varied points of view
on the likely interpretation of the recent move, several crypto
research firms cannot wait to jump in and give their
perspectives. According to an on-chain analysis from
Santient, the future of BTC’s price rests in the hands of the
bulls. If they defend the $20,000 position till Friday, cementing
September with a green close, a bright future awaits BTC price
action. The crypto market data and analytics platform,
Santient, also noticed a lot of users taking profits as soon as BTC
crossed the $20,000 key level. It seems several traders set
automatic and mentally-noted take profit signals at that mark.
Santient also divulged a transaction log of users claiming profits
and closing losses at the same price. How September’s Ending Might
Define The Future Direction of Crypto Based on a tweet by Santient,
reclaiming the $20,000 spot increases the odds of BTC closing
higher than its starting point in September. And more importantly,
finishing past this psychological level will have a hugely positive
effect on investors’ sentiment. September has been a slow month for
the world-leading crypto. Despite the 7% gains on the 27th of
September, bitcoin is currently making moderate monthly gains of
0.7%. That’s a heavy contrast to the day before, which left bitcoin
trailing at a 6% loss according to monthly P&L data by
CoinGlass. Related Reading: Ethereum Name Service (ENS) Looks
Strong, Eyes $16 Reclaim However, it is pivotal that BTC finishes
above its September starting point, no matter how little the gains.
BTC will record its first “September green” month since 2016 to
finish this month in profit. As of writing, bitcoin has
slightly slipped below $20,000 to trade around $19,150. Featured
image from Pixabay and chart from TradingView.com
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