Bitcoin (BTC) rebounded from three-month lows on September 12 as traders expressed doubts about BTC price action.
Bitcoin bearish feelings heat up as BTC price rises by $1,000
Data comes from Cointelegraph Markets Pro and trading view Subsequently, BTC/USD quickly returned to weekly post-close levels.
Bitcoin weakened immediately after Wall Street opened the day before, briefly falling below $25,000, its worst performance since mid-June.
The ensuing rally saw the largest cryptocurrency gain $1,000, but $26,000 remains resistance at the time of writing.
On-chain monitoring resource Material Indicators warned in advance that Bitcoin prices will soon face a “support test” as order book liquidity declines further.
#FireCharts Show 2 large #BTC The buying wall has been strong. Support testing is inbound. pic.twitter.com/QnKIEoAnEc
— Material Indicators (@MI_Algos) September 11, 2023
exist Further preemptive analysisMaterial Indicators and other institutions pointed out that the previous support “pull” eventually caused the Bitcoin market to rise, with a large number of traders clearing liquidity near the spot price.
continueCo-founder Keith Alan predicted that $24,750 would act as support on the downside, and this holds true at the time of writing.
After recovering, he is called Popular trader Skew is among those calling on bulls to overcome the $26,000 resistance.
Bitcoin USD CVD and price
Permanent CVD difference is very obvious, seller failed to break $25,000Set the standard
> High short float and negative funding on OI
> Price resumes price level/fails to maintain LTF trend lower (looks like SFP is below initial low)
> Perp CVD divergence… pic.twitter.com/rsRLzAUbkE— Skew Δ (@52kskew) September 12, 2023
“$25,600-$25,300 remains important for buyer structure and validation,” Skew Add to.
Data from monitoring resources coin glass It shows that as of September 12, the total number of BTC short liquidations was slightly more than $12 million, while the total number of BTC long liquidations the previous day was $71 million.
Bitcoin Price: The ‘next impulse’ is coming?
Meanwhile, equally popular trader Credible Crypto is as optimistic as ever, viewing a Bitcoin market cap breakout as a potential precursor to the next bullish BTC price move.
Related: Double Top ‘Could’ Be Confirmed – 5 Things to Know About Bitcoin This Week
exist Fresh X Analysis On September 12, he noted that the local downward trend in dominance was being tested — the last time this happened in mid-June and triggered a rally of more than $7,000 in two weeks.
“Five days after BTC’s dominance broke its local downtrend, price followed the next impulse move higher by $7,000,” reads part of the accompanying commentary.
“With BTC’s bullish market structure intact, 24.8k holding steady, and BTC’s dominance exploding, I think there’s a strong case to be made that our next push is coming.”
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.
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