Bitcoin Makes Strong Rebound, Eyes $26,000 Amidst Resistance and Potential Market Bottom in October
Summary:
Bitcoin attempts to reclaim and hold $26,000 as traders show excitement over a 5.5% price increase in 24 hours. However, resistance levels and upcoming bearish events remain concerns. Traders suggest another test at $27,000 and hope for a trip to $28,000. QCP Capital predicts a potential true market bottom in mid-late October. This article does not provide investment advice.
Bitcoin made an attempt to surpass and maintain the $26,000 mark during the opening of Wall Street on September 12. The rapid rebound in BTC price generated excitement among traders, as the cryptocurrency added 5.5% in the span of 24 hours. Market data suggested that Bitcoin was holding onto most of its gains from the past day. The $26,000 level was seen as a crucial point for Bitcoin bulls to reclaim. A well-known trader named Jelle expressed optimism, stating, "There we go, range lows reclaimed. Want to see another test of 27 now." Another trader, Crypto Ed, went a step further and hoped for Bitcoin to reach $28,000 on shorter timeframes, with a potential retest of the range lows. However, Keith Alan, the co-founder of Material Indicators, warned about the significant resistance posed by various moving averages, including the 21-Day, 50-Day, and 200-Day MAs. Material Indicators successfully predicted the recent upward movement and emphasized the importance of the $24,750 level as a key support. Alan advised observing how price action interacts with these resistance levels when they are approached. Looking at the longer-term perspective, he stated that it shouldn't be expected for Bitcoin to surge straight to the top of the range, as clearing each resistance level requires strength from the bulls. In other news, the trading platform QCP Capital cautioned that Bitcoin and the crypto market could face selling pressure in the rest of Q3. They highlighted potential bearish events, such as the upcoming decision on interest rates by the US Federal Reserve and obstacles specific to the crypto industry. QCP suggested that a true bottom for the market might be reached in mid-late October, after a cycle of negative news has concluded. However, they anticipated a more bullish end to the year and the beginning of 2024. It is important to note that this article does not provide investment advice, and readers are advised to conduct their own research before making any investment or trading decisions.
Published At
9/12/2023 1:58:40 PM
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