Bitcoin (BTC) made an attempt to surpass the $26,000 mark and hold its position as Wall Street opened on September 12. This swift rebound in BTC price excited traders and sparked optimism in the market.
Data from Cointelegraph Markets Pro and TradingView indicated that the largest cryptocurrency had gained 5.5% within 24 hours. This significant gain bolstered Bitcoin’s position and emphasized the importance of the $26,000 level for Bitcoin bulls.
According to popular trader Jelle, the reclaiming of range lows was a positive development for Bitcoin. He expressed his desire to see another test of $27,000 and suggested that this could further strengthen the bullish momentum. Another trader, Crypto Ed, also shared Jelle’s optimism and hoped for a price surge to $28,000 in the shorter timeframes.
However, Keith Alan, the co-founder of on-chain monitoring resource Material Indicators, cautioned traders about potential resistance levels that could hinder Bitcoin’s upward movement. Alan highlighted several moving averages (MAs) as significant hurdles for Bitcoin bulls. He emphasized that $24,750 must remain a critical support level to sustain the ongoing rally.
Looking at the longer-term outlook, Alan noted that a straight upward surge to the top of the range should not be expected. Clearing each resistance level would require strength from the bulls, and consolidation may be necessary between levels.
In addition to these technical factors, trading platform QCP Capital pointed out several bearish events that could influence the cryptocurrency market. These events include the United States Federal Reserve’s upcoming decision on interest rates and industry-specific hurdles such as FTX token asset sales and the Mt. Gox proceedings. QCP Capital projected that the true bottom for the crypto market might come in mid-late October after the cycle of bad news has run its course.
Despite these potential challenges, QCP Capital expressed optimism about a bullish end to the year and a promising start to 2024.
It is important to note that this article does not provide investment advice. Investors and traders should conduct their own research and analysis before making any financial decisions.