{"id":179539,"date":"2023-10-23T21:46:14","date_gmt":"2023-10-23T16:16:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179539"},"modified":"2023-10-23T21:46:14","modified_gmt":"2023-10-23T16:16:14","slug":"bitcoin-price-must-break-31k-to-avoid-2023-bearish-fractal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-must-break-31k-to-avoid-2023-bearish-fractal-crypto-news\/","title":{"rendered":"Bitcoin price must break $31K to avoid 2023 \u2018bearish fractal\u2019 – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) held above $30,000 at the Oct. 23 Wall Street open as analysis said BTC price strength could cancel its \u201cbearish fractal.\u201d<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price preserves majority of early upside<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it hovered near $30,700, still up 2.5% on Oct. 23.<\/p>\n

The largest cryptocurrency made snap gains<\/a> after the Oct. 22 weekly close, stopping just shy of $31,000 in what became its highest levels since July.\u00a0<\/p>\n

Now, popular trader and analyst Rekt Capital is keen to see the $31,000 level break.\u00a0<\/p>\n

\u201cBitcoin has Weekly Closed above the Lower High resistance to confirm the breakout,\u201d he commented<\/a> alongside the weekly chart.<\/p>\n

BTC\/USD annotated chart. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

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 doubletop formation, with downside due as a result.<\/p>\n

Specifically, Bitcoin requires a \u201cbreach\u201d of $31,000 in order to do so.\u00a0<\/p>\n

\n

#BTC<\/a> <\/p>\n

Is Bitcoin on the cusp of invalidating the Bearish Fractal?<\/p>\n

Here are the Bearish Fractal Invalidation Criteria:<\/p>\n

a) Bull Market Support Band holds as support \u2705 <\/p>\n

b) Weekly Close beyond Lower High resistance \u2705<\/p>\n

c) Breach of $31k yearly highs \u274c$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/4H3OMiDzFB<\/a> pic.twitter.com\/mjoO8OF1Qs<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) October 23, 2023<\/a><\/p><\/blockquote>\n

More encouraging cues came from the True Market Deviation indicator from on-chain analytics firm Glassnode.<\/p>\n

As noted<\/a> by its lead analyst, Checkmate, on Oct. 23, the metric, also known as the Average Active Investor (AVIV) profit ratio, has crossed a key level.<\/p>\n

Bitcoin\u2019s True Mean Market price (TMM) \u2014 the level that BTC\/USD spends exactly 50% above or below \u2014 is now below its spot price, at $29,780.\u00a0<\/p>\n

\u201cHave we now paid our bear market dues?\u201d Checkmate queried, describing TMM as Bitcoin\u2019s \u201cmost accurate cost basis model.\u201d<\/p>\n

Bitcoin True Market Deviation (AVIV) chart. Source: Checkmate\/X<\/em><\/figcaption><\/figure>\n

Institutions awaken in \u201cUptober”<\/h2>\n

Analyzing the potential drivers of the rally, meanwhile, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, flagged the potential approval of the United States\u2019 first Bitcoin spot-price-based exchange-traded fund (ETF).<\/p>\n

Related:\u00a0BTC price nears 2023 highs \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n

While not yet awarded<\/a> the green light, a U.S. spot ETF is being treated as an inevitability after legal battles resulted in regulators losing sway.<\/p>\n

\u201cThe potential approval of a spot ETF for Bitcoin has spurred a significant increase in bullish inflows in the crypto market,\u201d Van Straten wrote<\/a> in an update published on Oct. 23.<\/p>\n

He noted that Glassnode data shows inflows via over-the-counter (OTC) trading desks spiking since late September.<\/p>\n

\u201cIn addition, the Purpose Bitcoin ETF, with its holdings of approximately 25,000 Bitcoin, has observed consistent inflow throughout the past month. Even though these inflows might not be termed as \u2018large,\u2019 they denote a positive market sentiment,\u201d he continued.<\/p>\n

\u201cThis uptick in inflows across various platforms indicates an optimistic market response to the potential approval of a Bitcoin ETF, bolstering the overall landscape of digital assets.\u201d<\/p><\/blockquote>\n

\"\"
Bitcoin transfers to OTC desk wallets. Source: CryptoSlate\/Glassnode<\/em><\/figcaption><\/figure>\n

The largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust (GBTC), continues to see a lower discount to the Bitcoin spot price, having already seen its smallest negative margin since December 2021<\/a>.<\/p>\n

This stood<\/a> at -13.12% as of Oct. 23, per data from monitoring resource CoinGlass.<\/p>\n

GBTC premium vs. asset holdings vs. BTC\/USD chart (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) held above $30,000 at the Oct. 23 Wall Street open as analysis said BTC price strength could cancel its \u201cbearish fractal.\u201d BTC\/USD 1-hour chart. Source: TradingView BTC price preserves majority of early upside Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it hovered near $30,700, still up 2.5% on Oct. 23. […]<\/p>\n","protected":false},"author":2,"featured_media":179540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-179539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179539"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179539\/revisions"}],"predecessor-version":[{"id":179542,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179539\/revisions\/179542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179540"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}