The price of Bitcoin put out a rebound after three months of lows on the 12th of September as the traders voiced their suspicion over the price behavior of the cryptocurrency. According to information provided by TradingView and Cointelegraph Markets Pro, it was understood that the price would follow quite a snap return to levels that were seen after the close of the exchange.
The cryptocurrency had also witnessed quite an immediate weakness on the Wall Street open of the previous day, which previously dipped under $25,000 to cap out the worst performance since the middle of June. The subsequent comeback also put the cryptocurrency around $1,000 higher, but the resistance zone was about $26000.
Bitcoin Might Make A Return With Recurring Prices
In what turned out to be a further preemptive analysis, Material Indicators and a few other online detectors noted that the previous support rug pulls had actually produced an upside in the market of Bitcoin, with several large-volume traders clearing the liquidity from immediately around the spot price. Keith Alan, the co-founder of Material Indicators, also predicted that the resistance zone of $24,750 would be holding support on the down low. Skew, one of the popular traders around, called this a textbook short squeeze and was among those who called for the bulls to overcome the resistance zone of $26,000.
According to data that was retrieved from monitoring resource CoinGlass, it was understood that the total BTC short liquidations were at $12 million for the 12th of September, while around $71 million in BTC longs suffered heavily the day prior. Credible Crypto, another fellow popular trader, also eyed a market cap dominance of the cryptocurrency.