{"id":181566,"date":"2023-09-20T03:39:41","date_gmt":"2023-09-20T03:39:41","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181566"},"modified":"2023-09-20T03:39:41","modified_gmt":"2023-09-20T03:39:41","slug":"wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally\/","title":{"rendered":"Wyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term Rally"},"content":{"rendered":"
Bitcoin (BTC), the dominant cryptocurrency, is experiencing a resurgence as recent developments in technical indicators and on-chain fundamentals instill renewed optimism among investors.\u00a0<\/span><\/p>\n Capriole Invest, a prominent investment firm, has unveiled its Bitcoin Macro Index. This comprehensive machine learning model combines 40 influential on-chain, macro market, and equity metrics, providing valuable insights into Bitcoin’s fundamentals and shedding light on its potential future trajectory.<\/span><\/p>\n According to Capriole\u2019s latest <\/span>report<\/span>, Bitcoin’s low timeframe technicals have continued to conform to the Wyckoff schematic over the past weeks, with a significant failed breakdown at the $26,000 level, signaling a locally bullish sentiment. This event has further bolstered the credibility of the structure.\u00a0<\/span><\/p>\n <\/p>\n After a two-month decline that contributed to Bitcoin’s price drop from $29,000, there are now encouraging signs of progress in the cryptocurrency’s fundamentals. This suggests a potential turning point in the market.\u00a0<\/span><\/p>\n Per the report, analysts are now closely monitoring a potential break from support, particularly a close above $28,000, as this would confirm a continuation towards at least $31,000.\u00a0<\/span><\/p>\n Reaching this milestone would mark a crucial phase in completing the Wyckoff structure, potentially heralding the next major upward move for Bitcoin.<\/span><\/p>\n Furthermore, while the opportunity to purchase Bitcoin in the $24,000 zone appears less likely, the failed breakdown and solid improvement in fundamental data present a more bullish outlook.\u00a0<\/span><\/p>\n Barring significant changes in data, Capriole Invest expects Bitcoin’s price to continue its upward trajectory, with a target of at least $31,000 in the near term. However, Capriole believes that BTC\u2019s trajectory will be influenced by the support level at $26,000 and the performance of the Macro Index’s fundamentals.\u00a0<\/span><\/p>\n Bitcoin’s recent price movements have been met with strong resistance as it approaches the $27,500 mark, with market sell orders flooding the order book and impeding further upward momentum.\u00a0<\/span><\/p>\n Material Indicators, a leading firm specializing in market analysis, has <\/span>identified <\/span>this trend as a deliberate effort to suppress BTC\u2019s price. This behavior is expected to persist, particularly in light of the upcoming interest rate hike announcement by Federal Reserve Chairman Jerome Powell on Wednesday.<\/span><\/p>\n Per the firm\u2019s analysis, over the past eight hours, a significant influx of ask liquidity has emerged every time Bitcoin’s price has neared the $27,500 level. This surge in sell orders has effectively thwarted any potential breakthrough at this key resistance level.\u00a0<\/span><\/p>\n <\/p>\n This suggests that Bitcoin’s price may face significant hurdles soon. The actions of market participants indicate a deliberate intention to keep the price in check, at least until the outcome of the interest rate decision is known.\u00a0<\/span><\/p>\n At the time of writing, the leading cryptocurrency in the market is trading at $27,100, reflecting a 1.6% increase over the past 24 hours.\u00a0<\/span><\/p>\n Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\nBitcoin Fundamentals Signal Renewed Optimism<\/span><\/h2>\n
Persistent Resistance At $27,500 Amidst Market Suppression<\/span><\/h2>\n