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  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. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) bounced around $27,000 on Sep. 29 as a challenge to month-to-date highs dragged BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action upward.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/29/4cc738603cf2c19d9351bbd901a3564c.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-hour chart. Source: TradingView</em> 
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 <h2 id="btc-price-maintains-overnight-strength">BTC price maintains overnight strength</h2> 
 <p>Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “<a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a> squeeze.”</p> 
 <p>The day prior offered a trip past the $27,000 mark, with Bitcoin bulls nonetheless unable to seal a fresh peak for September.</p> 
 <p>Topping out at $27,300 on Bitstamp, BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> strength then returned to consolidate, still up 4% versus the week’s low at the time of writing.</p> 
 <p>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.</p> 
 <p>“LTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,” he explained on X. </p> 
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   “Most of the push up was perp driven with spot trailing price (short liquidations &amp; strong perp bid).” 
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  <img src="https://cdn.thebittimes.com/images/2023/09/29/498f79d0f9968f7da60074e8a3104f07.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD order book data annotated chart. Source: Skew/X</em> 
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 <p>Skew subsequently noted that $27,200 remained a rejection point on the day, ahead of the Wall Street open. Going into next week, he added, the market was “likely to hunt both sides of the book.”</p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">$BTC <br>OI bleeding a bit but market is likely to hunt both sides of the book into next week <br><br>Note the spot delta - large buyer pic.twitter.com/41dlMMG9CQ</p>— Skew Δ (@52kskew) September 29, 2023 
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 <p>Data from monitoring resource CoinGlass meanwhile revealed the extent of <a rel="noopener noreferrer nofollow" title="short" href="https://thebittimes.com/tag/short.html">short</a>s getting squeezed, with liquidations reaching $22 million on Sep. 28 — the largest single-day tally in ten days.</p> 
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  <img src="https://cdn.thebittimes.com/images/2023/09/29/8df2eccea76a436d6d66c7e3354b0257.webp"> 
  <figcaption style="text-align: center;"> <em>BTC liquidations chart (screenshot). Source: CoinGlass</em> 
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 <h2 id="bitcoin-monthly-close-may-be-incredibly-bullish">Bitcoin monthly close may be "incredibly bullish"</h2> 
 <p>Continuing, the popular pseudonymous trader and analyst known as Moustache on social media eyed a key support reclaim in the making.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin halving to raise ‘efficient’ BTC mining costs to $30K</em></strong></p> 
 <p>Coming in the form of the 20-month simple moving average (SMA), this, he argued, could have longer-term consequences beyond the intraday BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trend.</p> 
 <p>“$BTC is back ABOVE the SMA 20 line. Monthly close is tomorrow,” part of his latest commentary read. </p> 
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   “If Bitcoin closes above this line, August can be considered a fakeout. That would be incredibly bullish.” 
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  <img src="https://cdn.thebittimes.com/images/2023/09/29/57caa3ac8a94b9f837a7d903f12ddabf.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Moustache/X</em> 
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 <p>Moustache referenced Bitcoin’s brief spurt past $28,000 into the August monthly close. He added that historically, the 20-month SMA marked definitive support after reclaims, which held until BTC/USD made a new all-time high.</p> 
 <p class="post-content__disclaimer">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. </p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-shorts-keep-burning-as-btc-price-seeks-to-hold-27k-tbt64507.html">https://thebittimes.com/bitcoin-shorts-keep-burning-as-btc-price-seeks-to-hold-27k-tbt64507.html</a></p>

Bitcoin shorts keep burning as BTC price seeks to hold $27K

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