Bitcoin shorts keep burning as BTC price seeks to hold $27K
Bitcoin (BTC) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC price action upward.
Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “short squeeze.”
The day prior offered a trip past the $27,000 mark, with Bitcoin bulls nonetheless unable to seal a fresh peak for September.
Topping out at $27,300 on Bitstamp, BTC price strength then returned to consolidate, still up 4% versus the week’s low at the time of writing.
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.
“LTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,” he explained on X.
Skew subsequently noted 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 “likely to hunt both sides of the book.”
$BTC
OI bleeding a bit but market is likely to hunt both sides of the book into next week
Note the spot delta - large buyer pic.twitter.com/41dlMMG9CQ
Data from monitoring resource CoinGlass meanwhile revealed the extent of shorts getting squeezed, with liquidations reaching $22 million on Sep. 28 — the largest single-day tally in ten days.
Continuing, the popular pseudonymous trader and analyst known as Moustache on social media eyed a key support reclaim in the making.
Related: Bitcoin halving to raise ‘efficient’ BTC mining costs to $30K
Coming in the form of the 20-month simple moving average (SMA), this, he argued, could have longer-term consequences beyond the intraday BTC price trend.
“$BTC is back
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