#Bitcoin price must break $31K to avoid 2023 'bearish fractal'
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BTC price needs to recoup some more key levels before ditching longer-term bearish risk, the latest Bitcoin analysis says.
BTC $30,900 held above $30,000 at the Oct. 23 Wall Street open as analysis said BTC price strength could cancel its “bearish fractal.
Rekt Capital argued that BTC/USD could disregard the bearish chart fractal in play throughout 2023 next. This had involved the two year-to-date highs near $32,000 forming a double top formation, with downside due as a result.
Specifically, Bitcoin required a “breach” of $31,000 in order to do so.
More encouraging cues came from the True Market Deviation indicator from on-chain analytics firm Glassnode. Bitcoin’s True Mean Market price (TMM) — the level that BTC/USD spends exactly 50% above or below — is now below spot price, at $29,780.
