Crypto Updates

Bitcoin Bulls Eyeing $31,000 In Near-Term Rally


Bitcoin (BTC), the dominant cryptocurrency, is experiencing a resurgence as recent developments in technical indicators and on-chain fundamentals instill renewed optimism among investors. 

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’s 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. 

BTC’s Wyckoff pattern suggests another leg up toward $31,000. Source: Capriole Invest.

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. 

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. 

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. 

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’s trajectory will be influenced by the support level at $26,000 and the performance of the Macro Index’s fundamentals. 

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. 

Material Indicators, a leading firm specializing in market analysis, has identified this trend as a deliberate effort to suppress BTC’s price. This behavior is expected to persist,…

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