{"id":552061,"date":"2023-09-20T02:00:09","date_gmt":"2023-09-20T02:00:09","guid":{"rendered":"https:\/\/wncen.com\/?p=552061"},"modified":"2024-06-11T08:18:19","modified_gmt":"2024-06-11T08:18:19","slug":"wyckoff-support-holds-strong-bitcoin-bulls-eyeing-31000-in-near-term-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/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><\/a>, 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

Related Reading: Shiba Inu Team Member Reveals What Investors Should Do If They Want SHIB Burns<\/a><\/div>\n
\"Bitcoin
BTC’s Wyckoff pattern suggests another leg up toward $31,000. Source: Capriole Invest.<\/a><\/figcaption><\/figure>\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><\/a>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

Related Reading: Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg<\/a><\/div>\n
\"Bitcoin
BTC’s struggle to surpass the $27,500 resistance wall on the daily chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\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","protected":false},"excerpt":{"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 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. Bitcoin Fundamentals Signal Renewed Optimism According to Capriole\u2019s latest report, 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 Related Reading: Shiba Inu Team Member Reveals What Investors Should Do If They Want SHIB Burns 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 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 Reaching this milestone would mark a crucial phase in completing the Wyckoff structure, potentially heralding the next major upward move for Bitcoin. 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 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 Persistent Resistance At $27,500 Amidst Market Suppression 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 Material Indicators, a leading firm specializing in market analysis, has identified 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. 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 Related Reading: Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg 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 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 Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":552062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,78790,6664],"class_list":["post-552061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nWyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term 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