Bitcoin futures are in a potentially difficult situation for bulls lately, as the /BTC contract has fallen below an area many technicians likely have been keeping an eye on; the opening after the gap that began in June near 27,355 and that prompted a 20% one-session plunge.

/BTC battled its way back above this level and even cleared the 30,000 mark again, but was never able to take out those pre-gap highs. Overall, one could argue that /BTC is still in an uptrend that began near the beginning of 2023, but it has been failing to make higher highs since peaking out around 31,200 in mid-April and now is forming a more triangular pattern when factoring in the downward move off those highs.

Watch the two longer-term moving averages near 26,685 and 25,928 for support. If those break, the area near 24,600 represents some old highs that could be supportive. Resistance could be found near the 21-EMA around 27,858, and beyond that at the beginning of the big aforementioned gap near 29,000.

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