Bitcoin Price Rounds $19.3,000 Amid 'Mother of All Carpet Draws' Scare

Volatility has yet to show up on the hourly timeframes as the clock advances to the September close.< /p> Market Update

Bitcoin (BTC) traders were expecting further volatility on September 29, as BTC/USD cooled to near $19,000.

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

Volatility absent one day before monthly close

Data from Cointelegraph Markets Pro and TradingView charted a quiet overnight phase for the largest cryptocurrency, which hit intraday highs above $19,600 the previous day.

These 6% gains were a welcome relief after heavy losses earlier in the week, but there is no clear direction as market participants were still unsure how Bitcoin would handle September monthly close.

"Can certainly build a case for local support in this range, at least through Friday's monthly and quarterly close, unless, of course, we get the mother of all rug draws", resource on-chain analysis Material Indicators summary.

Material Indicators referenced order book data that suggested $18,000 could provide range support should further weakness in the market occur.

More broadly, however, popular trading account Doctor Profit argued that range-bound behavior was still the trend on BTC/USD, having been in place for several months.

“Interesting, $BTC typically moves 30-50 days in a sideways move before a leg down. For the first time in two years, BTC decides to move more than 108 days in a sideways move,” he