Why Is Bitcoin Price Up Today? BTC Climbs Above $27,000


18 Sep 2023 2:45 PM

The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31....

  • The Bitcoin price has surpassed the $27,000 threshold, reaching an intra-day high of $27,267.
  • Open Interest in Bitcoin has rapidly increased, which could potentially cause a full retrace if spot bid disappears.
  • Short liquidations for BTC remain modest, with about $20 million in shorts being liquidated.
  • Analysts highlight the trading behavior on Binance and a buy signal on the TD Sequential indicator.
  • There is a correlation between USD liquidity and Bitcoin price movements.
  • The upcoming monthly candle close for Bitcoin is considered pivotal, as it could indicate a transformation of old supports into new resistances.

The sentiment in the article is mostly positive, as it discusses the bullish momentum of the Bitcoin price and the potential for further price increases. However, there is also a cautious tone regarding the increase in Open Interest and the possibility of a full retrace if spot bid disappears.

Go to publisher site

You May Ask

What is the current Bitcoin price and its intra-day high?What is the significance of the rapid increase in Open Interest?How much have short liquidations for BTC been?What trading behavior is observed on Binance?What is the correlation between USD liquidity and Bitcoin price movements?

Suggested Reads