Bitcoin (BTC) attempted to flip over and hold $26,000 as Wall Street opened on September 12, with traders excited by the swift rebound in Bitcoin prices.
BTC price rises 5.5% in 24 hours
Data comes from Cointelegraph Markets Pro and trading view The largest cryptocurrency accounted for most of the 24-hour gains, reaching 5.5% at one point.
At the time of writing, $26,000 forms a focal point that has become an important floor for Bitcoin bulls to reclaim.
“We’re off and running, the range lows have moved back up. Now want to see another test of 27,” popular trader Jelle Tell X subscribers in one of several posts of the day.
Fellow Trader Crypto Ed go furtherhoping to eventually reach $28,000 in the shorter term and first “sweep” the range lows again.
However, Keith Alan, co-founder of on-chain monitoring resource Material Indicators, focused on the possibility of continued gains, warning of significant resistance in the form of various moving averages (MAs).
Material Indicators successfully predicted the latest uptrend, with Alan continuing to emphasize the importance of holding $24,750 as support.
“There is plenty of technical resistance starting at the 21-day EMA, through the #DeathCross between the 50-day and 200-day EMA, and ultimately the 100-day EMA converging with the range high.” His latest comments point out.
“$24,750 remains a key level to sustain this rally. If/when these levels are approached, focus on how PA interacts with these levels.”
Allen added that the long-term outlook remains unchanged.
“Don’t expect a direct breakout of the top of the range,” he concluded.
“Clearing any resistance level requires some effort from the bulls, and the herd has to regroup and eat before moving onto the next resistance level.”
Study Predicts Cryptocurrencies Will See ‘Real Bottom’ at the End of October
Meanwhile, trading platform QCP Capital took a cursory look at the remainder of the third quarter, warning of significant potential selling pressure on Bitcoin and cryptocurrencies.
Related: Bitcoin UTXO Echoes March 2020 ‘Black Swan’ Crash – New Research
In addition to macroeconomic triggers, such as the Federal Reserve’s upcoming interest rate decision, industry-specific hurdles also lie ahead.
In its Latest market trends QCP noted in a report published on September 12 that “the upcoming bearish event concentration will not turn neutral until mid-October.”
“This includes potentially higher-than-expected CPI tomorrow and a more hawkish-than-expected FOMC next week, plus an FTX token asset sale, and next month’s Mt. Gox to cap it all off,” it wrote.
“So while our theory suggests a bottom early next month, we believe the true bottom will come in mid-to-late October, by which time the bad news cycle has ended.”
The opposite “bullish” scenario is expected in late 2024 and early 2024, QCP added.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
Svlook
