Wyckoff Support Holds Strong: Bitcoin Bulls Eyeing $31,000 In Near-Term Rally


20 Sep 2023 2:00 AM

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.

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You May Ask

What is the Bitcoin Macro Index and how does it provide insights into Bitcoin's fundamentals?How have Bitcoin's low timeframe technicals followed the Wyckoff schematic?What are the encouraging signs of progress in Bitcoin's fundamentals?What is the target price for Bitcoin in the near term according to Capriole Invest?Why is Bitcoin facing strong resistance at $27,500 and what is the potential impact of the upcoming interest rate hike announcement?

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