Bitcoin (BTC) exhibited a textbook price behavior as it consolidated higher on September 15. The 1-hour BTC/USD chart showed a focus on $26,600, which is a crucial breakout level, according to analysts. Despite recent macroeconomic data reports from the United States indicating persistent inflation, Bitcoin remained resilient, aligning with traditional markets that also surged.

In this optimistic atmosphere, Michaël van de Poppe, the founder and CEO of trading firm Eight, expressed hope that BTC/USD would avoid new lows. He emphasized the potential for a bullish breakout while urging caution against retesting previous lows. Van de Poppe also mentioned that Germany's largest lender, Deutsche Bank, applying for a crypto custody license, was a significant development, eyeing $25,000 as a level for bulls to defend.

While BTC remained below important moving averages (MAs), the 200-week exponential moving average (EMA) continued to act as a strong support, a characteristic usually observed at the start of a bull market. Van de Poppe expressed confidence in the current market cycle, highlighting that holding above the 200-Week EMA reinforced the possibility that the price had reached its low for this cycle.

The analysis also highlighted $26,800 as a crucial level to break through, signaling further positive price movement. Additionally, a long-term analysis utilizing the Wyckoff method suggested that BTC price was set for an upside, describing the recent price cycles as an "accumulation" phase. The Wyckoff method involves identifying trigger points, such as the "Spring," after a swing low, indicating the beginning of a new uptrend or a return to a previous higher trading range. According to this analysis, the Spring for BTC/USD occurred after the late 2022 bottoming out.

Preserve this article as an NFT to immortalize this moment in history and support independent journalism in the crypto space. It's important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment or trading decisions.

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SOURCE : https://rexbox.online/rexbox-btc-price-shows-textbook-wyckoff-moves-as-bitcoin-bulls-defend-25k/

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