Bitcoin bulls lost their grip on $27,000 into Sept. 30 as the monthly and quarterly close loomed large.
Bitcoin braces for three key candle closes
Data from Cointelegraph Markets Pro and TradingView tracked a cooling off for BTC price action ahead of the key September candle print.
The largest cryptocurrency remained up nearly 4% month-to-date, marking its most successful September since 2016, per data from monitoring resource CoinGlass.
Conversely, the quarterly performance for Q3 showed BTC/USD down 11.5% at the time of writing.
For traders and analysts, everything could change in the final hours of the monthly candle.
“In the past, a green September resulted in a green October, November and December as well,” popular trader Jelle noted in part of the day’s X analysis.
“Will history repeat?”
The day prior, Jelle predicted better conditions for Q4, including a breakout past $30,000 for the first time since early August.
“Textbook bearish technicals”
Meanwhile, Monitlonger and shorter timeframes.
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Beyond the monthly and weekly close, the impending United States government shutdown should continue to suppress BTC price action unless a solution is found in time, it added.
“There is a high probability that killer whales will be amping up the weekend whale games around Daily, Weekly, and Monthly candle closes. Don’t get lured into a trap,” part of additional commentary from Material Indicators co-founder Keith Alan read.
A snapshot of the BTC/USD order book on the largest global exchange Binance showed bid liquidity congregating around $26,800. Sellers meanwhile lay in wait at $27,500.
Others, such as popular trader Daan Crypto Trades, expected less volatile conditions until immediately before the new week.
“We’ve had volatility last week but open interest has cooled down so I doubt we’ll get any strange price action until maybe later on Sunday,” he told X subscribers on the day.
An accompanying chart showed the CME Group Bitcoin futures opening and closing prices potentially acting as a magnet for BTC spot price — a common phenomenon.
