The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31. Notably, BTC recorded its first green weekly closing candle in five weeks yesterday. As of press time, the Bitcoin price has reached an intra-day high of $27,267.<\/p>\n
One major indicator that has captured analysts\u2019 attention is the rapid increase in Open Interest. DaanCrypto, a noted figure in the crypto space, commented<\/a> on the Open Interest of Bitcoin: \u201cBitcoin Open Interest has been ramping up like crazy these past few hours. Up +$850M in hours.\u201d According to him, this can be an issue if spot bid disappears which could cause for a full retrace similar to before.<\/p>\n \u201cThis would then be due to underwater positions that entered near the top. If spot bid remains then these positions are obviously fine. Open Interest is now back to post Grayscale pump levels,\u201d Daan stated, further noting the resilience in the spot premium at the moment, \u201cLongs are comfy as long as spot bid is present.\u201d<\/p>\n Maartuun, the community manager at CryptoQuant Netherlands, also highlights the rapid surge in Open Interest: \u201cFasten your seat belts. The Open Interest goes bonkers on this break-out attempt. It has increased by $600 million (7%).\u201d<\/p>\n Interestingly, Coinglass data reveals that as of press time, short liquidations for BTC remain modest, with just about $20 million in shorts being liquidated. At press time, OI skyrocketed further, up almost $1 billion (from $11.04 to $12.03 billion).<\/p>\n Renowned analyst @52kskew emphasized<\/a> the trading behavior on Binance: \u201cMajority chasing shorts aggressively from what I can see so far. Binance Open Interest: Binance perp OI starting to moon again with minimal price difference ~ big move brewing. OI up and insignificant change in perp delta (positions opening into price). Takers still aggressively selling into price, bulls want to see constant limit chasing on the bid here. $26.7K pivotal price for direction.\u201d<\/p>\n Ali Martinez, another analyst, pointed<\/a> towards Bitcoin\u2019s 3-day chart and noted a buy signal by the TD Sequential yesterday. \u201cA boost in $BTC buying pressure might drive prices to the channel\u2019s mid or upper boundary \u2013 targeting $28,000 or $31,000. Still, watch the TD Risk Line at $24,500. It\u2019s the key invalidation point.\u201d<\/p>\n From macro perspective, renowned analyst Ted (@tedtalksmacro) indicated<\/a> a correlation between USD liquidity and Bitcoin price movements: \u201cIf you can track\/forecast USD liquidity, you\u2019ll have a solid idea of where price is headed.\u201d He went on to highlight a divergence between the rise in USD liquidity and the previous stagnation of BTC, emphasizing the recent shift which might be driven by returning liquidity.<\/p>\n As NewsBTC reported<\/a>, September is historically one of the worst months of the year for the Bitcoin price. However, this year could be different if BTC continues its trend of the last few days.<\/p>\n Rekt Capital highlighted<\/a> the potential significance of the upcoming monthly candle close for Bitcoin in a recent tweet, stating: \u201cThe upcoming Monthly Candle Close will be pivotal.\u201d According to the analyst,\u00a0Bitcoin often produces long upward wicks when it transforms old Monthly supports into new resistances.<\/p>\n In simple terms, an upward wick on a candlestick chart indicates price levels where Bitcoin traded during a period but didn\u2019t close. A long wick suggests a strong rejection from those higher price levels. This could mean that while buyers tried to push the price up during the month, by the close, sellers had brought it back down, leaving a long \u2018wick\u2019 on the candlestick.<\/p>\n Rekt Capital suggests that these wicks can extend up to +8% beyond the candle body. The analyst notes that if the monthly candle close produces an upside wick of +7% beyond the ~$27,100 level, it could mean the price might go beyond the weekly lower high.<\/p>\n This could be a positive sign if the monthly close remains above $27,100, indicating it as a support level. However, if the price closes the month below $27,100 after reaching higher levels, it may confirm $27,100 as a new resistance, hinting that the recent price movement might be just a temporary upward rally.<\/p>\n At press time, BTC stood at $27,241.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31. Notably, BTC recorded its first green weekly closing candle in five weeks yesterday. As of press time, the Bitcoin price has reached an intra-day high of $27,267.<\/p>\n One major indicator that has captured analysts\u2019 attention is the rapid increase in Open Interest. DaanCrypto, a noted figure in the crypto space, commented<\/a> on the Open Interest of Bitcoin: \u201cBitcoin Open Interest has been ramping up like crazy these past few hours. Up +$850M in hours.\u201d According to him, this can be an issue if spot bid disappears which could cause for a full retrace similar to before.<\/p>\n \u201cThis would then be due to underwater positions that entered near the top. If spot bid remains then these positions are obviously fine. Open Interest is now back to post Grayscale pump levels,\u201d Daan stated, further noting the resilience in the spot premium at the moment, \u201cLongs are comfy as long as spot bid is present.\u201d<\/p>\n Maartuun, the community manager at CryptoQuant Netherlands, also highlights the rapid surge in Open Interest: \u201cFasten your seat belts. The Open Interest goes bonkers on this break-out attempt. It has increased by $600 million (7%).\u201d<\/p>\n Interestingly, Coinglass data reveals that as of press time, short liquidations for BTC remain modest, with just about $20 million in shorts being liquidated. At press time, OI skyrocketed further, up almost $1 billion (from $11.04 to $12.03 billion).<\/p>\n Renowned analyst @52kskew emphasized<\/a> the trading behavior on Binance: \u201cMajority chasing shorts aggressively from what I can see so far. Binance Open Interest: Binance perp OI starting to moon again with minimal price difference ~ big move brewing. OI up and insignificant change in perp delta (positions opening into price). Takers still aggressively selling into price, bulls want to see constant limit chasing on the bid here. $26.7K pivotal price for direction.\u201d<\/p>\n Ali Martinez, another analyst, pointed<\/a> towards Bitcoin\u2019s 3-day chart and noted a buy signal by the TD Sequential yesterday. \u201cA boost in $BTC buying pressure might drive prices to the channel\u2019s mid or upper boundary \u2013 targeting $28,000 or $31,000. Still, watch the TD Risk Line at $24,500. It\u2019s the key invalidation point.\u201d<\/p>\n From macro perspective, renowned analyst Ted (@tedtalksmacro) indicated<\/a> a correlation between USD liquidity and Bitcoin price movements: \u201cIf you can track\/forecast USD liquidity, you\u2019ll have a solid idea of where price is headed.\u201d He went on to highlight a divergence between the rise in USD liquidity and the previous stagnation of BTC, emphasizing the recent shift which might be driven by returning liquidity.<\/p>\nMonthly Close Will Be Crucial<\/h2>\n
Why Is Bitcoin Price Up Today?<\/h2>\n
Monthly Close Will Be Crucial<\/h2>\n