September 23, 2023 10:59 pm

Bitcoin bulls successfully defend $25K as BTC price displays ‘textbook’ Wyckoff moves.

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Bitcoin (BTC) saw a consolidation in its price on September 15, with market analysis describing the recent behavior as “textbook.” According to data from Cointelegraph Markets Pro and TradingView, the largest cryptocurrency was focusing on $26,600, just below a key breakout level.

Despite concerns about inflation, Bitcoin shrugged off the latest macroeconomic data from the United States and joined traditional markets in heading higher. This bullish sentiment prompted Michaël van de Poppe, founder and CEO of trading firm Eight, to express hope that BTC/USD would avoid new lows. In a dedicated post on X (formerly Twitter), he stated that Bitcoin might activate a potential bullish breakout.

Van de Poppe also mentioned Germany’s Deutsche Bank, which had applied for a crypto custody license. He believed that if BTC/USD could hold above $25,000, the market would be steered away from potential downside risks. He added that the range of $25,600 to $25,900 was crucial, as breaking below it would trigger a significant number of stop orders.

Although Bitcoin remained below several key moving averages, the 200-week exponential moving average (EMA) continued to act as support. Van de Poppe noted that this was a positive sign and increased the likelihood that the low point of the market cycle had already passed. He expressed optimism that September would not be a negative month for Bitcoin and expected continued price appreciation.

Another analyst, Stockmoney Lizards, also had an optimistic long-term view of Bitcoin’s price. They compared the past year’s price action to the Wyckoff method, a technical analysis approach that identifies price cycles and market trends. Stockmoney Lizards noted that Bitcoin had followed a textbook Wyckoff behavior, with a “Spring” occurring after the BTC/USD bottomed out in late 2022. This Spring indicated the beginning of a new uptrend or a return to a higher trading range.

Overall, market analysis and expert opinions suggested a positive outlook for Bitcoin’s price. The consolidation around $26,600 indicated potential for a bullish breakout, and the presence of support from the 200-week EMA further supported this notion. With Deutsche Bank’s interest in crypto custody and the Wyckoff method’s positive signals, the sentiment remained optimistic for Bitcoin’s future price movements.

It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.

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Original Source: Bitcoin bulls successfully defend $25K as BTC price displays ‘textbook’ Wyckoff moves.

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