On September 29, Bitcoin attempted to break through the critical resistance level of $27,000, meaning it reached September highs. However, market conditions and macroeconomic data show that efforts to hold on to this resistance level are challenging. Bitcoin is struggling to hold on to its gains and avoid losses throughout the month. It surpassed the $27,000 resistance, but it failed to sustain above this level.
On cryptocurrency exchanges, Bitcoin rose to $27,300, but could not hold at this level. Famous investor Skew attributed this rise to the futures market and stated that spot investors took this rise as an opportunity and sold their assets. Skew emphasized that $27,200 is an important price area for spot buyers.
Skew later said $27,200 remained a clear resistance level on the day. He pointed out that next week may be a period in which both long and short position holders may suffer losses. According to CoinGlass data, the $22 million liquidation on September 28 recorded the biggest loss in the last ten days.
Additionally, the investor pointed out that the Bitcoin price rose above $28,000 in August. He emphasized that historically, the 20-month SMA in BTC/USD has signaled support following retracements to new all-time highs.#BitcoinDunyamiz
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