Bitcoin (BTC) hugged $26,000 at the Sep. 24 Wall Street open as a weekly close “nosedive” brought lasting consequences.
Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory uncertain after briefly piercing $26,000 support.
Sideways weekend trading soon turned sour into the new week, and upset overnight meant that bulls were unable to recoup lost ground.
#Bitcoin Weekend price action wasn't exciting until the later hours on Sunday as expected.
Price held around the CME Close price until futures opened and then took a nose dive. https://t.co/HgmYShdrjA pic.twitter.com/VAzov8haCJ
“Bitcoin failed to break through local resistance in the form of a descending trend line, and it looks like a little bearish right shoulder may form,” analyst BaroVirtual, an ambassador for on-chain data platform Whalemap, summarized.
BaroVirtual uploaded a daily chart snapshot to X, showing a potential head and shoulders formation about to conclude.
“If true, BTC risks falling into the $22,000-$20,000 range,” it added.
That perspective chimed with others already expecting a return toward the $20,000 mark — something absent from the BTC price charts for six months.
Popular trader and analyst Rekt Capital, who previously envisaged the possible reappearance of the low $20,000s as part of a breakdown from a double top structure, now placed emphasis on holding current levels as support.
“Bitcoin could downside wick into the ~$25000-$26000 area on this current move down,” he wrote in part of fresh X analysis on the day.
An accompanying chart laid out the key levels.
Macro markets meanwhile opened to another potential headwind for Bitcoin and crypto — an unrelentingly strong U.S. dollar.
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