Bitcoin (BTC) experienced a breakout, surging higher as it approached the Wall Street opening on September 27. The price of BTC reached $26,823 on Bitstamp, marking a 2% increase and bringing it to near-weekly highs. Here are some key points from this development:
Analysts had already been eyeing thin overhead resistance, suggesting that a breakout could occur if it is not replenished.
The absence of significant ask liquidity could lead to a move higher in the market, particularly from perpetual swaps, which can create opportunities due to inefficiencies and potential premiums.
On-chain monitoring resources noted an increase in activity from a specific class of whales known for their impact on BTC price action.
The move above $26,500 invalidated a warning signal that had emerged following a “death cross” on the daily chart earlier in the week.
Crypto traders managed to avoid mass liquidations, with around $13 million in BTC shorts being liquidated for the day, and a cross-crypto total of $39 million.
BTC’s price remained around $26,700 at the time of writing, indicating ongoing volatility.
It’s important to note that this information does not constitute investment advice, and readers should conduct their own research and exercise caution when making investment decisions.