Wyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term Rally
Bitcoin is experiencing a resurgence as recent developments in both technical indicators and on-chain fundamentals instill renewed optimism....
- Capriole Invest has introduced the Bitcoin Macro Index, a machine learning model that combines various metrics to provide insights into Bitcoin's fundamentals and future trajectory.
- Bitcoin's low timeframe technicals have followed the Wyckoff schematic, with a failed breakdown at $26,000 indicating a bullish sentiment.
- Encouraging signs of progress in Bitcoin's fundamentals suggest a potential turning point in the market, with analysts monitoring a potential break from support at $28,000.
- Capriole Invest expects Bitcoin's price to continue rising, targeting at least $31,000 in the near term, but its trajectory will depend on the support level at $26,000 and the Macro Index's performance.
- Bitcoin has faced strong resistance at $27,500, with market sell orders suppressing its price, possibly due to the upcoming interest rate hike announcement by Federal Reserve Chairman Jerome Powell.
The article presents a mix of positive and negative sentiment. The introduction of the Bitcoin Macro Index and positive progress in Bitcoin's fundamentals instill optimism among investors. However, the resistance at $27,500 and deliberate efforts to suppress Bitcoin's price create hurdles and uncertainty.