{"id":23720,"date":"2023-10-15T16:20:14","date_gmt":"2023-10-15T16:20:14","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-eye-weekly-close-volatility-with-27k-btc-price-on-radar\/"},"modified":"2023-10-15T16:20:16","modified_gmt":"2023-10-15T16:20:16","slug":"bitcoin-traders-eye-weekly-close-volatility-with-27k-btc-price-on-radar","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-eye-weekly-close-volatility-with-27k-btc-price-on-radar\/","title":{"rendered":"Bitcoin traders eye weekly close volatility with $27K BTC price on radar"},"content":{"rendered":"
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Bitcoin (BTC) cruised into a new weekly close on Oct. 15 as \u201cultra boring\u201d trading conditions still offered hope of a $27,000 breakthrough.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

“Ultra boring” BTC price may yet surprise at weekly close<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView tracked a typically sideways weekend, with BTC price volatility absent prior to the close.<\/p>\n

Still acting around the key $26,800 mark, Bitcoin denied traders major trajectory cues, while spot markets were quiet.<\/p>\n

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$BTC<\/a>
Typical weekend algos hunting over exposed positions into CME Futures open around 12hrs from now & weekly open tomorrow <\/p>\n

Not really any significant flow for this weekend so far, just one spot buyer & perp buyer ~ likely algo pic.twitter.com\/z38tKoozK3<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) October 15, 2023<\/a><\/p><\/blockquote>\n

Considering upside potential, Micha\u00ebl van de Poppe, founder and CEO of MN Trading, argued that there was room for a BTC price trip to $27,800.<\/p>\n

\u201cWeekends are ultra boring for trading, especially for Bitcoin,\u201d he told<\/a> X subscribers on the day. <\/p>\n

\u201cUnchanged perspective. Did a double-bottom test at $26,500 and held there. Currently fighting resistance, through which another test of $27,000 should end up with a breakout to $27,800.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n

Popular trader and analyst Daan Crypto Trades meanwhile eyed an upcoming weekly candle closing below a \u201cbull market support band\u201d formed of two moving averages.<\/p>\n

\u201cStill no convincing close above or below for some weeks now as we trade right around the area,\u201d part of X commentary stated<\/a>.<\/p>\n

BTC\/USD chart with bull market support band. Source: Daan Crypto Trades\/X<\/em><\/figcaption><\/figure>\n

Additional analysis predicted volatility picking up toward the end of the day, with the latest CME Group Bitcoin futures closing price at $26,840 an area of interest.<\/p>\n

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#Bitcoin<\/a> Pretty straightforward weekend.<\/p>\n

Expecting some volatility & volume increase in a few hours as we tend to see on Sunday afternoon. https:\/\/t.co\/ghsVin9KxM pic.twitter.com\/oNyIaWiZx8<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) October 15, 2023<\/a><\/p><\/blockquote>\n

Bitcoin adoption curve model calls for $27,000 support<\/h2>\n

$27,000 and beyond also formed a focus as potential longer-term support over the weekend.<\/p>\n

Related:\u00a0Did SBF really use FTX traders\u2019 Bitcoin to keep BTC price under $20K?<\/em><\/strong><\/p>\n

This came from Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, who saw the BTC price level gaining importance going forward.<\/p>\n

Thanks to the relationship between price and adoption, $27,000 should constitute a form of benchmark which sustains as support around 75% of the time by the end of 2023.<\/p>\n

\u201cBitcoin price spends 75% of its time above its adoption curve. That curve will reach $27,000 in 60 days,\u201d he wrote<\/a> on X alongside a demonstrative chart.<\/p>\n

Bitcoin Adoption Curve chart. Source: Timothy Peterson\/X<\/em><\/figcaption><\/figure>\n

In August, Peterson predicted a 15% BTC price dip by October, while $100,000 should hit within the next three years.<\/p>\n

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.\n<\/p>\n<\/div>\n