Bitcoin Bounces Above $26,000 But Fails to Sustin, Here’s Why

• While the BTC price surged above $26,000, a large number of Bitcoin moving to exchanges hinted at rising selling pressure.
• Altcoins like Pepe Coin and Chainlink have been showing bullish activity over the last week.

On Thursday, September 8, the world’s largest cryptocurrency Bitcoin (BTC) made a surprise bounce back above the $26,000 level gaining by more than 2%. The BTC price surged all the way above $23,000, however, faced multiple rejections at $24,000.

As of press time, the BTC price has entered a major retracement falling under $26,000 once again. As soon as the Bitcoin price gained above $26,000, a large number of Bitcoins started moving back to the exchange. Over the last 24 hours, a total of over 5,000 Bitcoin worth $128.5 million have been sent to the exchange.

On-chain data provider Santiment reports that Bitcoin has experienced a modest increase of +2% in its price, reclaiming the $26.3K mark for the first time in a week. It’s advisable to monitor the supply of BTC on exchanges, which has grown by 3.1% over the past two weeks. Traders seem inclined towards securing minor profits in the current market conditions.

This means that investors are capitalizing on every rise to sell their Bitcoin holdings. Just over the last two weeks, Bitcoin’s existing supply on the exchange has surged by 3.1%. Popular crypto analyst Ali Martinez explains:

The TD Sequential presented a buy signal on the $BTC 3-day chart. A sustained close above $26,800 could pave the way for a surge to $28,000. However, a #BTC dip below $25,300 would nullify this bullish scenario.

Along With Bitcoin, Altcoins Also Gain, PEPE Coin on the Radar

Several well-known altcoins, including Cardano (ADA), Polkadot (DOT), and Solana (SOL), witnessed gains in the market.

Ethereum is currently trading at $1,649.57, registering a 0.67% increase over the past 24 hours. XRP also saw a modest gain of 0.48%. Solana experienced bullish momentum, with its price rising by 1.46%. In contrast, Polygon (MATIC), which had recently been in the red, dipped by 1.84% on the last day. Polkadot’s price increased by nearly 1.01% within the same timeframe.

In the realm of meme cryptocurrencies, the sentiment is mixed. Dogecoin recorded a slight price increase of approximately 0.33% in the past 24 hours, while Shiba Inu’s token price declined by 0.02%.

Pepe coin has seen some minor bullish activity for two consecutive days, posting a nearly 1% increase since yesterday. It is currently trading at $0.0000008058 and holds a global market cap of $315.73 million. The price faced resistance at higher levels, resulting in a weakening of bullish momentum and the formation of a channel pattern.

Another key altcoin performer in this market is Oracle service provider Chainlink (LINK). The LINK price is up by over 7% during the last week amid strong accumulation for the altcoin.

On-chain data provider Santiment explains:

Chainlink’s key shark tier that holds between 10K-100K $LINK has been on an accumulation spree. There are now 3,127 wallets holding this level of coins, making it the highest amount since Dec. 3, 2022. They have added $9.6M worth of $LINK in 3 days.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.