Bitcoin (BTC) experienced a swift rebound after dipping to $25,911, with traders showing renewed interest as the cryptocurrency attempted to settle above the $26,000 mark during the Wall Street open on September 12th. This specific price point has been earmarked as a significant milestone, with many in the crypto community highlighting its importance for continued bullish momentum.
Expert Predictions and Analysis
Jelle, a popular trader with a substantial following, expressed optimism on the same day. "There we go, range lows reclaimed. Want to see another test of 27 now,” Jelle mentioned in one of several posts, showcasing a prevailing sentiment of cautious optimism among several Bitcoin enthusiasts.
However, while some look forward to potential upside, others advise caution. Keith Alan, the co-founder of the on-chain monitoring resource, Material Indicators, offered a more analytical perspective, pointing out the technical roadblocks that lie ahead for Bitcoin.
Material Indicators, known for its accurate forecasts, had previously predicted the recent upward movement. Despite this positive track record, Alan emphasized the significance of maintaining $24,750 as a support level. “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,” he shared in his latest commentary.
For the uninitiated, these moving averages (MAs) serve as indicators for potential price direction based on past performance. Their intersections, such as the mentioned "DeathCross," often signal significant price movements.
Alan's statement highlighted an essential perspective: “$24,750 remains the critical level to hold to keep this rally alive.
Waking Up to Green #BTC!
Yesterday's test of support dipped below $25k briefly, but did not extend to the Lower Low.
We discussed the potential for this to happen yesterday in the @MI_Algos community on @X and @telegram, so those that engage with me on those channels weren't… pic.twitter.com/RjGDgQ8qtf — Keith Alan (@KAProductions) September 12, 2023
Focus on how PA (Price Action) interacts with those levels if/when they are approached”.
The Long Road Ahead
Despite the short-term fluctuations, Alan's insights suggest a consistent theme for Bitcoin's long-term projection.
He advised traders and investors not to anticipate an immediate surge to the top of the price range. He elaborated, “Clearing any one of these resistance levels takes some strength from bulls and the herd has to regroup and graze a bit before they can go after the next level”.
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