On September 27, Bitcoin (BTC) was busy reversing its overnight gains as bulls struggled to overcome resistance.
Bitcoin analyst: “Right now, we’re stuck”
BTC/USD dropped to approximately $1K below overnight highs of $44,400 on Bitstamp on Sept. 27.
According to Michal van de Poppe, the move represents a rejection at an “important” zone to break, with $42K being the crucial level to maintain for a higher low.
“Right now, we’re stuck,” he added, indicating that if the $44,600 zone is regained, the next target is $47K.
On the downside, the $38K-$40K range is still eligible for a bounce. But a total collapse of the range as support would bring BTC/USD back to its 2021 starting price of Roughly $28K.
“If we lose the $42K, I believe we’ll have to go into the lows here and take liquidity below the low before we see a genuine turnaround at this point”, van de Poppe said concerning short-term market action.
As previously reported, volatility was widely expectable as a result of the upcoming vote on the US government’s infrastructure package. Which may take place as early as September 27.
The bad-news narratives continued to retain considerable power throughout the new week. Owing to residual worries over China’s recent “ban” on crypto transactions.
Altseason expected to follow Bitcoin Q4 surge
The majority of the top ten cryptos remained flat over the previous 24 hours, mirroring BTC’s lack of overall direction.
Only Solana (SOL), which was up 6.5% to $145 at the time of publishing, managed to make a compelling advance.
Altcoins are set for a huge rebound, according to prominent trader Pentoshi, after being unimaginative during September.
He predicted that in Q4 2021, everything will be similar to last year at this time. Part of broader anticipation that Bitcoin would rise significantly before the end of the year.
September is expectable to conclude on a mediocre note for the markets. However, October may herald the start of the Bitcoin rebirth, with a “worst-case scenario” ending price of $63K.