Bitcoin Gains 5% to Reclaim $20,000, September's First 'Green' Eyes Since 2016

Classic snapshot of sideways trading action sees Bitcoin price aiming higher, but concerns remain about what happens next .

Market Update

Bitcoin (BTC) generated long-awaited volatility on September 27 as an upward compression led to a push past $20,000.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

BTC Price 9-Day Highs Welcome Traders

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it added more than 7% after the September 26 close.

Local highs of $20,344 appeared on Bitstamp before the pair began to consolidate at around $20,200.

The decision naturally did not go unnoticed in trading circles, but opinions were divided on the outcome, amid warnings that the whole episode could end up trapping overly bullish traders taking late longs.< /p>

“No [rejection] yet, but soon. I expect more for now,” Crypto's popular Il Capo Twitter account summed up, sticking to a theory that called for new lows below the levels below $19,000 seen last week. /p>

Research firm Santiment, meanwhile, noted massive profit taking from the moment Bitcoin broke back above $20,000 for the first time in over a week.

“Lots of traders were apparently waiting for the $20,000 threshold to start selling their bags,” he revealed alongside a chart of trades made with profit or loss for their owner.

“As Bitcoin climbed back above this psychological level, massive profit taking followed. Now we find out if those eager to sell will regret their decisions.”

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