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

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A classical drawback of sideways trading enactment sees the Bitcoin terms purpose higher, but concerns stay implicit what happens next.

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Bitcoin gains 5% to reclaim $20K, eyes archetypal  'green' September since 2016

Bitcoin (BTC) delivered long-anticipated volatility connected Sep. 27 arsenic a compression higher resulted successful a propulsion beyond $20,000.

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

BTC terms 9-day highs greet traders

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it added implicit 7% aft the Sep. 26 close.

Local highs of $20,344 appeared connected Bitstamp earlier the brace began consolidating astatine astir $20,200.

The determination people did not spell unnoticed by successful trading circles, but opinions differed implicit the outcome, amid warnings that the full occurrence whitethorn extremity up trapping overoptimistic traders taking precocious agelong positions.

“No [rejection] yet, but soon. Expecting higher for now,” fashionable Twitter relationship Il Capo of Crypto summarized, sticking by a mentation which demanded caller little lows than the sub-$19,000 levels seen implicit the past week.

Research steadfast Santiment meantime noted wide profit-taking opening arsenic Bitcoin recrossed the $20,000 bound for the archetypal clip successful implicit a week.

“Many traders were seemingly awaiting the $20k threshold to statesman selling their bags,” it revealed alongside a illustration of transactions made astatine a nett oregon nonaccomplishment to their owner.

“As Bitcoin crossed backmost supra this intelligence level, wide nett taking ensued. Now we find retired whether those anxious to merchantability volition regret their decisions.”
Bitcoin transactions successful profit/ nonaccomplishment annotated chart. Source: Santiment/ Twitter

Can bulls bushed "Septembear?"

In a motion of however adjacent humble terms moves tin interaction marketplace sentiment, meanwhile, the instrumentality to $20,000 acceptable up BTC/USD to decorativeness September higher than astatine the start.

Related: ‘The enslaved marketplace bubble has burst’ — 5 things to cognize successful Bitcoin this week

As noted by on-chain analytics assets Material Indicators, each present rested connected bulls’ quality to support BTC terms enactment into the monthly close.

“BTC present successful presumption for a greenish Monthly close...if it tin clasp done Friday. Taking profits on the way,” it confirmed successful a tweet.

While modest, Bitcoin’s September gains totaled 0.7% astatine the clip of writing, with BTC/USD astatine $20,200. If the period ends up “green,” it would beryllium the archetypal non-loss making September since 2016, information from Coinglass shows.

Just a time previously, Bitcoin was looking astatine monthly losses of 6% oregon more.

BTC/USD monthly returns illustration (screenshot). Source: Coinglass

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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