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Bitcoin: Reaching Out For $27,000
As markets opened on Wall Street last Monday, Bitcoin (BTC) took an upward turn, stirring hopes of it hitting the $30,000 mark in October, as speculated by crypto market analysts. Data analysis from renowned platforms TradingView followed BTC's upward movement, indicating that it peaked at $26,823 on Bitstamp.
This near-weekly high entry of Bitcoin coincides with discussions highlighting the possibility of a breakout amidst low overhead resistance, provided it doesn't hit a high resistance mark in the short term. As renowned analyst Skew posits, the predictions of a rise were expected, given the slim and scattered selling positions. Skew also suggested that this could lead to potential premiums and beneficial opportunities due to market inefficiencies.
Whale Movements Indicate Positive Price Action
According to Material Indicators, an on-chain monitoring resource, a particular group of whales, famous for their influence on BTC, has shown increased activity. They also noted that Bitcoin's move above $26,500 has eradicated a warning signal initiated by a daily chart "death cross" earlier this week.
"Purple buys dips and sells rips. I'm content to follow along," stated co-founder Keith Alan. Other crypto market commentators, including analyst Michaël van de Poppe, shared optimistic predictions about Bitcoin's recent performance, as he spoke of it breaking through significant thresholds during an interaction with X subscribers.
Crypto Traders Escape Widespread Liquidations
Data from CoinGlass, a monitoring resource, indicates that short liquidations have remained at a reasonable level. BTC shorts liquidated during the day amounted to approximately $13 million, with the overall crypto tally approximating $39 million. Meanwhile, Bitcoin was trading at approximately $26,700 at the time this report was penned with ongoing price volatility.
Please note, this article does not provide investment advice or trading recommendations. Every investment and trading move corresponds to a certain level of risk. Hence, it's essential for potential investors to undertake their own research before making a decision.
