Bitcoin shorts keep burning as BTC price seeks to hold $27K
Bitcoin stubbornly refuses to give up its latest gains as BTC price seeks to flip $27,000 to support into September's last Wall Street open. Bitcoin (BTC) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC price action upward. BTC/USD 1-hour chart. Source: TradingView BTC price maintains overnight strength Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “ short squeeze.” The day prior offered a trip past the $27,000 mark, with Bitcoin bulls nonetheless unable to seal a fresh peak for September. Topping out at $27,300 on Bitstamp, BTC price strength then returned to consolidate, still up 4% versus the week’s low at the time of writing. Analyzing the situation on low timeframes (LTFs), popular trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs. “LTF stuff but pretty clear spot absorption around the high so $...