{"id":165171,"date":"2023-09-29T17:16:55","date_gmt":"2023-09-29T11:46:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=165171"},"modified":"2023-09-29T17:16:55","modified_gmt":"2023-09-29T11:46:55","slug":"bitcoin-shorts-keep-burning-as-btc-price-seeks-to-hold-27k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-shorts-keep-burning-as-btc-price-seeks-to-hold-27k-crypto-news\/","title":{"rendered":"Bitcoin shorts keep burning as BTC price seeks to hold $27K – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC price action upward.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price maintains overnight strength<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed the largest cryptocurrency attempting to hold gains after a classic \u201cshort squeeze.\u201d<\/p>\n

The day prior offered a trip past the $27,000 mark<\/a>, with Bitcoin bulls nonetheless unable to seal a fresh peak for September.<\/p>\n

Topping out at $27,300 on Bitstamp, BTC price strength then returned to consolidate, still up 4% versus the week\u2019s low at the time of writing.<\/p>\n

Analyzing the situation on low timeframes (LTFs), popular trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs.<\/p>\n

\u201cLTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,\u201d he explained<\/a> on X. <\/p>\n

\u201cMost of the push up was perp driven with spot trailing price (short liquidations & strong perp bid).\u201d<\/p><\/blockquote>\n

BTC\/USD order book data annotated chart. Source: Skew\/X<\/em><\/figcaption><\/figure>\n

Skew subsequently noted<\/a> that $27,200 remained a rejection point on the day, ahead of the Wall Street open. Going into next week, he added, the market was \u201clikely to hunt both sides of the book.\u201d<\/p>\n

\n

$BTC<\/a>
OI bleeding a bit but market is likely to hunt both sides of the book into next week <\/p>\n

Note the spot delta – large buyer pic.twitter.com\/41dlMMG9CQ<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) September 29, 2023<\/a><\/p><\/blockquote>\n

Data from monitoring resource CoinGlass<\/a> meanwhile revealed the extent of shorts getting squeezed, with liquidations reaching $22 million on Sep. 28 \u2014 the largest single-day tally in ten days.<\/p>\n

BTC liquidations chart (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Bitcoin monthly close may be “incredibly bullish”<\/h2>\n

Continuing, the popular pseudonymous trader and analyst known as Moustache on social media eyed a key support reclaim in the making.<\/p>\n

Related:\u00a0Bitcoin halving to raise \u2018efficient\u2019 BTC mining costs to $30K<\/a><\/em><\/strong><\/p>\n

Coming in the form of the 20-month simple moving average (SMA), this, he argued, could have longer-term consequences beyond the intraday BTC price trend.<\/p>\n

\u201c$BTC is back ABOVE the SMA 20 line. Monthly close is tomorrow,\u201d part of his latest commentary read<\/a>. <\/p>\n

\u201cIf Bitcoin closes above this line, August can be considered a fakeout. That would be incredibly bullish.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Moustache\/X<\/em><\/figcaption><\/figure>\n

Moustache referenced Bitcoin\u2019s brief spurt past $28,000 into the August monthly close. He added that historically, the 20-month SMA marked definitive support after reclaims, which held until BTC\/USD made a new all-time high.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC price action upward. BTC\/USD 1-hour chart. Source: TradingView BTC price maintains overnight strength Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic \u201cshort squeeze.\u201d The day prior offered a trip […]<\/p>\n","protected":false},"author":2,"featured_media":165172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-165171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=165171"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165171\/revisions"}],"predecessor-version":[{"id":165174,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165171\/revisions\/165174"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/165172"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=165171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=165171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=165171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}