Bitcoin faces 'ton' of resistance after daily BTC price gains pass 5%
Bitcoin (BTC) attempted to flip and hold $26,000 at the Sep. 12 Wall Street open as a swift BTC price rebound excited traders.
Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency holding the majority of its 24-hour gains, which at one point totaled 5.5%.
At the time of writing, $26,000 formed a focus, this already flagged as an important line in the sand for Bitcoin bulls to reclaim.
“There we go, range lows reclaimed. Want to see another test of 27 now,” popular trader Jelle told X subscribers in one of several posts on the day.
Fellow trader Crypto Ed went further, hoping for a trip to $28,000 as the ultimate outcome on shorter timeframes, with another “sweep” of the range lows first.
Eyeing the odds of continued upside, however, Keith Alan, co-founder of on-chain monitoring resource Material Indicators, warned that significant resistance lay overhead in the form of various moving averages (MAs).
Material Indicators had successfully forecast the latest upside, and Alan continued to underscore the significance of $24,750 holding as support.
“There is a ton of technical resistance overhead starting with the 21-Day MA, a #DeathCross between the 50-Day and 200-Day MAs, and ultimately, the 100-Day MA which has confluence with the range high,” part of his latest commentary stated.
Alan added that the longer-term picture remained the same.
“Don't expect a straight rip to the top of the range,” he concluded.
Casting a cursory look at the rest of Q3, meanwhile, trading platform QCP Capital warned that Bitcoin and crypto faced plenty of potential selling pressure.
Related: Bitcoin UTXOs echoing March 2020 ‘black swan’ crash — New research
In addition to macroeconomic triggers, such as the United
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