Bitcoin gains 5% to reclaim $20K, eyes first ‘green’ September since 2016

Bitcoin (BTC), which delivered the long-awaited volatility on Sep. 27, saw a squeeze higher that resulted in a push above $20,000.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

BTC price reaches 9-day highs to greet traders

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD’s increase of over 7% following the Sep. 26 close.

Bitstamp showed local highs of $20.344 before the pair started consolidating at around $20.200.

Naturally, the move was noticed in trading circles. However, opinions were divided over the outcome. There were also warnings that overoptimistic traders could be trapped by taking late long positions.

“No [rejection] yet but it will be soon. “No [rejection] yet, but soon,” Il Capo of Crypto tweeted. He was sticking to a theory that required lower lows than those seen in the past week at sub-$19,000 levels.

Santiment, a research firm, noted that Bitcoin crossed the $20,000 threshold for the first time in more than a week.

It revealed that “many traders were apparently waiting for the $20k threshold in order to start selling their bags”, along with a chart of transactions at a profit to their owners.

“As Bitcoin rose above this psychological level mass profit taking began.” We now know if those who were anxious to sell will regret it.

Annotated chart showing bitcoin transactions in profit/loss. Source: Santiment/ Twitter

Can bulls defeat “Septembear”?

As a reminder of the impact even small price movements can have on market sentiment, BTC/USD’s September return to $20,000 was higher than it started at the beginning.

Related: “The bond market bubble burst” — 5 things you need to know about Bitcoin this week

Material Indicators, an on-chain analytics resource, noted that all depended on the ability of bulls to defend BTC’s price action until the monthly close.

“BTC is now in position to make a green Monthly close…if it holds through Friday.” It confirmed the tweet that it was taking profits on the way.

Although modest, Bitcoin’s September gains were 0.7%, with BTC/USD trading at $20,200. It would be the first September without losses since 2016, according to Coinglass.

Bitcoin had suffered monthly losses of at least 6% just a few days before.

Screenshot of BTC/USD monthly returns chart Source: Coinglasscom. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/bitcoin-gains-5-to-reclaim-20k-eyes-first-green-september-since-2016

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Donna Burk– Business News My Name is Donna Burk and I am also the main source from the ‘Dailynewssheet.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor.

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