Bitcoin News

BTC price hits $27.4K as Bitcoin open interest matches Grayscale peak

BTC price hits $27.4K as Bitcoin open interest matches Grayscale peak

Bitcoin (BTC) hit new month-to-date highs on Sept. 18 as a strong weekly close cemented a bullish start to Wall Street trading. 

BTC/USD 1-day chart. Source: TradingView

Trader cautions on surging Bitcoin open interest

Data from Cointelegraph Markets Pro and TradingView tracked over 3% BTC price gains on the day, with Bitcoin breaking $27,000 for the first time in September.

With the Wall Street open around the corner, market participants eyed “momentum” returning among Bitcoin bulls.

“Bitcoin price breaks the barrier at $26,800 and attacks the highs at $27,200,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized.

“Trend looks like to be upwards from here, as altcoins are also waking up. Still the best period to buy your assets.”

Van de Poppe uploaded his latest analytics chart to X (formerly Twitter), showing the area of resistance now necessary for a reclaim.

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Monitoring resource Material Indicators meanwhile revealed daily buy signals on its proprietary trading instruments.

“Bulls seem to have mustered some momentum since the D candle open,” part of accompanying commentary read.

Elsewhere, a cautious Daan Crypto Trades flagged ballooning open interest, which returned to levels last seen after the brief BTC price gains which followed asset manager Grayscale’s legal victory against United States regulators.

Trader and analyst Rekt Capital meanwhile demanded that bulls win back higher levels and hold them into the September monthly close.

“Soon going to revisit ~$27100 (black),” he forecast on the day alongside a chart.

“This level acted as support earlier this year and could turn into new resistance this month, unless $BTC reclaims it with a Monthly Close above black.”

BTC/USD annotated chart. Source: Rekt Capital/X

BTC price further…

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