{"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

Bitcoin Fundamentals Signal Renewed Optimism<\/span><\/h2>\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

Persistent Resistance At $27,500 Amidst Market Suppression<\/span><\/h2>\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>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the dominant cryptocurrency, is experiencing<\/p>\n","protected":false},"author":3,"featured_media":181565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nWyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term Rally - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term Rally - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC), the dominant cryptocurrency, is experiencing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-20T03:39:41+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/Wyckoff-Support-Holds-Strong-Bitcoin-Bulls-Eyeing-31000-In-Near-Term-Rally.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally\/\",\"name\":\"Wyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term Rally - 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