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<div class="sg-post-des">
  BTC price strength improves after a trip to three-month lows, but Bitcoin bulls have multiple hurdles to clear. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) attempted to flip and hold $26,000 at the Sep. 12 Wall Street open as a swift BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> rebound excited traders.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/12/6c798a359cda76db232f507ce07753ff.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-hour chart. Source: TradingView</em> 
  </figcaption> 
 </figure> 
 <h2 id="btc-price-adds-5-5-in-24-hours">BTC price adds 5.5% in 24 hours</h2> 
 <p>Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency holding the majority of its 24-hour <a rel="noopener noreferrer nofollow" title="gains" href="https://thebittimes.com/tag/gains.html">gains</a>, which at one point totaled 5.5%.</p> 
 <p>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.</p> 
 <p>“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.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/12/349e9c5e53753f3efcd229d7748fe0ff.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Jelle/X</em> 
  </figcaption> 
 </figure> 
 <p>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.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/12/27957e315cab6a79d485dac4e377f122.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD annotated chart. Source: Crypto Ed/X</em> 
  </figcaption> 
 </figure> 
 <p>Eyeing the odds of continued upside, however, Keith Alan, co-founder of on-chain monitoring resource Material Indicators, warned that significant <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> lay overhead in the form of various moving averages (MAs).</p> 
 <p>Material Indicators had successfully forecast the latest upside, and Alan continued to underscore the significance of $24,750 holding as support.</p> 
 <p>“There is a ton of technical <a rel="noopener noreferrer nofollow" title="resistance" href="https://thebittimes.com/tag/resistance.html">resistance</a> 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. </p> 
 <blockquote>
   “$24,750 remains the critical level to hold to keep this rally alive. Focus on how PA interacts with those levels if/when they are approached.” 
 </blockquote> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/09/12/af69c3820bba635ddf90fb755e3847be.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-hour chart with 21, 50, 100, 200-day MA. Source: TradingView</em> 
  </figcaption> 
 </figure> 
 <p>Alan added that the longer-term picture remained the same.</p> 
 <p>“Don't expect a straight rip to the top of the range,” he concluded. </p> 
 <blockquote>
   “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.” 
 </blockquote> 
 <h2 id="research-predicts-true-bottom-for-crypto-in-late-october">Research predicts "true bottom" for crypto in late October</h2> 
 <p>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.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin UTXOs echoing March 2020 ‘black swan’ crash — New research</em></strong></p> 
 <p>In addition to macroeconomic triggers, such as the United States Federal Reserve’s upcoming decision on interest rates, industry-specific hurdles lay ahead.</p> 
 <p>In its latest market update released on Sep. 12, QCP referenced “a concentration of upcoming bearish events that only turn neutral from mid-October onwards.”</p> 
 <p>“This includes a likely higher-than-expected CPI tomorrow and a more-hawkish-than-expected FOMC next week, plus FTX token asset sales, and Mt. Gox over the next month to cap things off,” it wrote.</p> 
 <blockquote>
   “Hence while our theory implies a bottom early next month, we think the true bottom will come in mid-late October when the bad news cycle has run its course.” 
 </blockquote> 
 <p>QCP added that it expected a conversely “bullish” end to the year and start of 2024.</p> 
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-faces-ton-of-resistance-after-daily-btc-price-gains-pass-5-tbt62437.html">https://thebittimes.com/bitcoin-faces-ton-of-resistance-after-daily-btc-price-gains-pass-5-tbt62437.html</a></p>

Bitcoin faces 'ton' of resistance after daily BTC price gains pass 5%

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