According to Cointelegraph: Bitcoin (BTC) flipped bearish on Sept. 30, registering an approximately 4% monthly gain but slumping by more than 11% for the third quarter (Q3). With the pending close of the month and the quarter, data from Cointelegraph Markets Pro and TradingView showed a slowdown in the BTC price action.
Despite this dip, Bitcoin marks its strongest performance in September since 2016, according to monitoring resource CoinGlass. However, the quarter's report isn't as rosy, revealing an 11.5% depreciation of the BTC/USD pair at the time of writing. As the monthly candle's final hours loom, analysts predict a critical turn of events in the market.
There is speculation whether the trend of a positive September also resulting in a favourable October, November, and December will hold this year. Popular trader Jelle optimistically forecasted improved conditions for Q4 in the prior day's analysis, including a potential surge past $27,000 for the first time since early August.
Meanwhile, commentary from Material Indicators co-founder Keith Alan warns of potential pitfalls. BTC/USD order book data on Binance indicate bid liquidity clustering around $26,800, while sellers are primed at $27,500. Alan advised caution to avoid falling into market traps intensified by the upcoming traditional asset market volatility due to the looming U.S. government shutdown.
As Bitcoin braces for the monthly, weekly, and daily candle closes, its imminent path remains uncertain. Yet, analysts such as Daan Crypto Trades anticipate calmer conditions leading up to the dawn of the new week. Whether the BTC spot price will react to the Bitcoin futures opening and closing prices by the CME Group remains to be seen — a recurrent occurrence in the crypto marketplace.
