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Home»Bitcoin»Bitcoin: A $27,000 recovery remains elusive
Bitcoin

Bitcoin: A $27,000 recovery remains elusive

2023-09-28No Comments3 Mins Read
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Journalist

Posted: September 29, 2023

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Bitcoin defended lows near $26k.
  • The key liquidity and sales interest levels are at $26.8k and $27k.

Bitcoin [BTC] faced a $26.85k price rejection during the daily trading session on September 27, following a delay spot ETF by the US SEC. The US regulator has postponed a decision on ARK 21 Shares’ proposed spot BTC ETF until January 2024.


Is your portfolio green? look at the BTC profit calculator


Following the slowdown, some market analysts believe that other BTC ETF applications may suffer the same fate. At the time of writing, BTC was trading at $26.46k, slightly above the short-term support of $26.4k.

Can Bitcoin Reclaim $27,000?

Bitcoin

Source: BTC/USDT on TradingView

The price rejection level on September 27 coincided with the 50-EMA (Exponential Moving Average) of the daily time frame. Additionally, daily candlestick closes have occurred below 26.4k since September 24th.

Ergo, BTC could remain suppressed at the lows ($25.8k) despite a recent rebound. Notably, the low range corresponded to the daily bullish order (OB) of $24.8k – $26.0k (cyan). If there is a further decline, there could be a recovery in the cyan area.

Conversely, BTC could break the 50-EMA hurdle and reclaim $27,000, especially if there is a market catalyst such as a US SEC approval of an ETH ETF in October. If so, bulls could target $28k and the range high.

The RSI position at the time of writing indicated that the price direction could go either way, as neither buyers nor sellers had absolute leverage. But capital inflows into the BTC market weakened, as evidenced by the retreating CMF.

See also  Bitcoin approaches $91,000 as buying pressure rises, but challenges emerge

Here are the main Bitcoin sales and liquidity levels

Bitcoin

Source: Mobchart

According to Mobchart, a real-time order book tracking platform, there were significant sell limit orders of $27,000 and $27,500. There were also some sell limit orders at $26.8k (50-EMA at publish), as shown by red lines.

On the buy side, $26k and $25.8k had significant buy limit orders at the time of writing. The inference is that BTC’s price action could fluctuate between these key buy and sell limit orders.

Bitcoin

Source: Coinglass


How many Worth 1,10,100 BTC today?


Based on the liquidation map, the low range ($25.8k) and midrange ($27k) were the main liquidation levels, as shown in the orange histograms. The inference is that BTC could see a substantial price reaction in these areas of high liquidity.

So BTC could defend the low but faces another rejection in the mid-$27k or $26.8k range.

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Bitcoin elusive Recovery Remains
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