Bitcoin Bulls Lose Grip as Monthly and Quarterly Close Approach
The bulls in the Bitcoin (BTC) market lost control as the cryptocurrency approached its monthly and quarterly close on September 30. Although BTC had a successful September, with a nearly 4% increase month-to-date, its quarterly performance showed a decline of 11.5%. Traders and analysts are closely watching the final hours of the monthly candle to see if history will repeat itself. Popular trader Jelle predicted better conditions for Q4, including a breakout past $30,000 for the first time since August. However, there are concerns that bearish technical indicators and the impending US government shutdown could suppress BTC price action.
Bearish Technicals and Potential Whale Games
Technical indicators on daily, weekly, and monthly timeframes are signaling bearish trends for BTC. Material Indicators warned that killer whales may engage in weekend whale games around candle closes and advised against falling into traps. The BTC/USD order book on Binance shows bid liquidity around $26,800 and sellers waiting at $27,500. Other traders expect less volatility until Sunday when strange price actions may occur. The opening and closing prices of CME Group Bitcoin futures could also influence the spot price of BTC.
Hot Take: Bitcoin’s Performance Hangs in the Balance
The performance of Bitcoin in the coming days is uncertain as it approaches its monthly and quarterly close. While September has been positive for BTC, there are concerns about potential bearish trends indicated by technical analysis. Traders are hoping that history will repeat itself and bring positive momentum to October, November, and December. However, there are also worries about the impact of the impending US government shutdown on BTC price action. The market is cautious as it waits to see how these factors will affect Bitcoin’s performance in the near future.
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