Bitcoin Bounces Back Above $20,000, First “Green” September Since 2016?

Bitcoin Bounces Back Above $20,000, First “Green” September Since 2016?

Bitcoin (BTC) finally appears to be bouncing back today, September 27, as an upleg has now taken the price back above $20,000 for the first time.

Bitcoin Price Chart (Bitstamp). Source: TradingView

Bitcoin price hits multi-day high

According to Cointelegraph Markets Pro and TradingView data, bitcoin prices are up a whopping 7% since yesterday’s September 26 daily close.

In the meantime, there was already a daily high of 20,344 US dollars on the tableau before BTC recently leveled off again at 20,200 US dollars.

Traders have of course registered this movement, but opinions differ as to what the implications are. For example, some voices fear that this could just be a trap.

“We don’t see any resistance yet, but that should come soon. For now, it’s only going up,” trader Il Capo of Crypto said notes. Accordingly, he sticks to his current thesis that Bitcoin will soon go down again.

The crypto market researchers from Santiment meanwhile point out that the jump over the important US$ 20,000 mark means that partial profits will be booked again, which could quickly let the soaring die down again.

“Many traders seem to have just been waiting for us to bounce back above $20,000 to sell,” the analysts said with a view write on the associated price chart. And further:

“After bitcoin climbed back over this psychological hurdle, massive gains were booked. Now we’re going to find out if those who couldn’t sell fast enough will regret it afterwards.”

Bitcoin transactions in profit/loss. Source: Santiment/ Twitter

But no “September Bear”?

However, the current price development also shows how quickly the mood can change at the moment, because just by jumping over 20,000 US dollars, Bitcoin is now in the best position to end September better than at the beginning of the month.

The crypto analysts from Material Indicators now see the bulls under pressure, who must at least keep the Bitcoin price above the important mark in order to guarantee a conciliatory end of the month.

“BTC is now in a good position to create a positive monthly close if we can hold out through Friday. Until then, more profits will definitely be booked out,” says the analysis service Twitter.

Nonetheless, at the current price level of $20,200, the monthly gain would be a modest 0.7%. Still, should September close in the green, it would be the first positive September since 2016, Coinglass data shows.

A day earlier, the crypto market leader was still facing monthly losses of more than 6%.

Relative monthly price developments of Bitcoin (screenshot). Source: Coinglass

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