Bitcoin Price Demonstrates Classic Wyckoff Moves as Bulls Defend $25K.

(qlmbusinessnews.com Fri, 15th Sept, 2023) London, UK —

Bitcoin analysis indicates that the recent price lows of this cycle may have already occurred.

According to data from TradingView, Bitcoin is currently consolidating around $26,600, just below a critical breakout level.

Despite recent indications that inflation in the United States is more stubborn than anticipated, Bitcoin has remained resilient, moving higher in line with traditional markets.

In this renewed bullish atmosphere, Michaël van de Poppe, the founder and CEO of trading firm Eight, expressed optimism that BTC/USD would avoid setting new lows.

In a recent post on X (formerly Twitter) on September 14, he wrote, “Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn't retest the lows again.”

Van de Poppe also referred to the news that Germany's largest bank, Deutsche Bank, had applied for a cryptocurrency custody license. He identified $25,000 as a critical level for bulls to defend in the market.

“We've seen a sweep at $25,000 and should be holding up on higher numbers. In that case, we should be holding $25,600-25,900 as beneath there we'll see a ton of stops to be activated before we can actually see some movements,” he suggested.

Despite remaining below several key moving averages (MAs), the 200-week exponential moving average (EMA) continues to serve as support. This level was reclaimed in March and is a significant feature at the beginning of any bull market.

Van de Poppe remarked, “I think that the odds of the low being in on this cycle have increased. Why? Well, we're again holding above the 200-Week EMA and most likely will be closing above that again for this one.”

He identified $26,800, the previous day's high, as the level to break through.

Classic BTC Price Rebound Revealed by Wyckoff Method
Taking a more optimistic long-term view, trading resource Stockmoney Lizards also concluded that further upward movement in Bitcoin's price is likely.

Using the Wyckoff method, X analysis compared the price action of the past year to an extended “accumulation” phase.

The Wyckoff method involves identifying price cycles of an asset, and correctly recognizing the trigger after a swing low, known as the “Spring” in Wyckoff, can indicate the start of a new uptrend or a return to a previous higher trading range.

For Stockmoney Lizards, the Spring took place after BTC/USD reached a bottom in late 2022.

“We have seen the spring in January, breakout end of March, and now the second throwback. Textbook Wyckoff behavior,” they commented.

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