Bitcoin (BTC) volatility increased at the September 8 Wall Street open, taking the familiar September "squeeze" to new highs.
Bitcoin suggests a trip to $24,400
Data from Cointelegraph Markets Pro and TradingView show that BTC price action is reducing both short and long positions.
Bitcoin has shown strong momentum over the past day and has risen above $26,400 after closing the day.
But the subsequent decline brought BTC/USD into full circle, and at the time of writing the pair is back below $26,000.
The result is a penalty for traders who are late in spotting market fluctuations. According to CoinGlass tracking data, short settlements on September 7 totaled $23.5 million, while long settlements on September 8 are unknown.
"Short positions are working as expected," popular trader Skew wrote on X (formerly Twitter) as part of his overnight market coverage.
Trader Daan Crypto Trades emphasized the importance of recovering the ground lost since August.
After several attempts, Bitcoin finally managed to pass the September monthly opening. Now they're trying it again,” he told Customer X that day.
"The question is, does this have as much support as the opposition? Buyers will have to wait for "green" September.
Data from CoinGlass confirms that the BTC price will fall around 10% in September, and the market expects it to be worthless by 2023.
Analyst: BTC Price Consolidates "Late Correction"
Next, crypto trader Tony dismissed the strength of the move overnight and noted that $26,600 is the line to cross.
Related: Bitcoin All Time High in 2025. BTC Price Idea Shows "Beginning of Bull Run".
"The recovery below the $25,600 range is good, but does not give way to the range highs, leaving us in the middle again," he explained with an explanatory chart.
"No access to bitcoin for me until we clear $26,600."
After returning to the normal range since the first week of September, BTC/USD's 200-day exponential moving average (EMA) remains at $25,674.
Michael van de Pop, founder and CEO of trading firm VIII, commented on the relationship with Bitcoin's 200-week EMA in the last cycle, at which time the market is in a "final" decline in the price of BTC.
“Technically, we can only focus on price performance in 2019, but there is no clear reason for that. In 2015 (considering new entrants -> institutions in this cycle), we can relate the current market to the cycle,” the Commentator said. A section will be read.
"In this case, this is the last change."
This article does not contain investment advice or recommendations. Every investment and business activity involves risks and readers should do their own research when making a decision.
