Bitcoin

Material

Rekt

James

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 BTC price gains more than 3% as the week begins, but concerns over open interest “ramping up” almost $1 billion in hours offer a sense of Grayscale deja vu. 
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 Bitcoin (BTC) hit new month-to-date highs on Sept. 18 as a strong weekly close cemented a bullish start to Wall Street trading.&nbsp;
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 <img src="https://cdn.thebittimes.com/images/2023/09/18/f92e52a83e9ae5e02973020f6f3d8b0f.webp">
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 BTC/USD 1-day chart. Source: TradingView
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 <h2 id="trader-cautions-on-surging-bitcoin-open-interest">Trader cautions on surging Bitcoin open interest</h2>
 Data from Cointelegraph Markets Pro and TradingView tracked over 3% BTC price gains on the day, with Bitcoin breaking $27,000 for the first time in September.
 With the Wall Street open around the corner, market participants eyed “momentum” returning among Bitcoin bulls.
 “Bitcoin price breaks the barrier at $26,800 and attacks the highs at $27,200,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized. 
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 “Trend looks like to be upwards from here, as altcoins are also waking up. Still the best period to buy your assets.”
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 Van de Poppe uploaded his latest analytics chart to X (formerly Twitter), showing the area of resistance now necessary for a reclaim.
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 <img src="https://cdn.thebittimes.com/images/2023/09/18/7434bc90c6c97364ef499a522e2dbd12.webp">
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 BTC/USD annotated chart. Source: Michaël van de Poppe/X
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 Monitoring resource Material Indicators meanwhile revealed daily buy signals on its proprietary trading instruments.
 “Bulls seem to have mustered some momentum since the D candle open,” part of accompanying commentary read.
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 UPDATE: #BTC Bulls seem to have mustered some momentum since the D candle open. Both Trend Precognition algos are flashing new ️ signals in the Daily TF. A close below $26,414 would invalidate. pic.twitter.com/KSAp6e0tjt— Material Indicators (@MI_Algos) September 18, 2023
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 Elsewhere, a cautious Daan Crypto Trades flagged ballooning open <a rel="dofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a>, which returned to levels last seen after the brief BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> gains that followed asset manager Grayscale’s legal victory against United States regulators.
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 #Bitcoin Open Interest has been ramping up like crazy these past few hours. Up +$850M in hours. This can be an issue if spot bid disappears which could cause for a full retrace similar to before. This would then be due to underwater positions that entered near the top. If… pic.twitter.com/PmQOvVt7Gw— Daan Crypto Trades (@DaanCrypto) September 18, 2023
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 Trader and analyst Rekt Capital meanwhile demanded that bulls win back higher levels and hold them into the September monthly close.
 “Soon going to revisit ~$27100 (black),” he forecast on the day alongside a chart. 
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 “This level acted as support earlier this year and could turn into new resistance this month, unless $BTC reclaims it with a Monthly Close above black.”
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 <img src="https://cdn.thebittimes.com/images/2023/09/18/b7b0798678b3aef8b07f25b225a87839.webp">
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 BTC/USD annotated chart. Source: Rekt Capital/X
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 <h2 id="btc-price-further-ignores-dxy-strength">BTC price further ignores DXY strength</h2>
 With the Fed’s decision on <a rel="dofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> rates looming on Sept. 20, the macro conversation focused on the build-up to the event.
 Related:&nbsp;FOMC versus BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> ‘local bottom’ — 5 things to know in Bitcoin this week
 The U.S. Dollar Index (DXY) showed continued strength on the day despite assumptions that <a rel="dofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> rates would not rise later in the week.
 The DXY hovered above 105, having broken through that level for the first time since mid-March.
 Bitcoin, traditionally inversely correlated to the Index, nonetheless showed no signs of weakness.
 “Bitcoin hit $27,000, while the DXY is above 105,” James Straten, research and data analyst at crypto insights firm CryptoSlate, noted alongside a comparative chart. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/18/5692be5062a68bad84999daca2479f34.webp" alt="" title="">
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 BTC/USD vs. DXY comparative chart. Source: James Straten/X
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
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 “The last time DXY was trading at 105 was March when Bitcoin was trading at less than $20,000. The time before that was Q4 2022, #Bitcoin was trading $17,000.”
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/btc-price-hits-27-4k-as-bitcoin-open-interest-matches-grayscale-peak-tbt63095.html">https://thebittimes.com/btc-price-hits-27-4k-as-bitcoin-open-interest-matches-grayscale-peak-tbt63095.html</a>

BTC price hits $27.4K as Bitcoin open interest matches Grayscale peak

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