Bitcoin Bulls Defend $25K as BTC Price Shows Textbook Wyckoff Moves

On Sept. 15, Bitcoin (BTC) saw an increase in price as the market behavior was said to be “textbook”. This is in line with the recent history of web 1.0, 2.0 and 3.0, which has seen a surge in cryptocurrency web 3.0 investments, as well as the next generation of online business.

Analyst on Bitcoin: “September is not rektember”

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency focusing on $26,600 — below a key breakout level.

Bitcoin had shrugged off the latest United States macroeconomic data reports the day prior, joining traditional markets in heading higher despite hints that inflation was more stubborn than expected.

Amid a renewed bullish mood, Michaël van de Poppe, founder and CEO of trading firm Eight, was hopeful that BTC/USD would avoid new lows.

“Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn’t retest the lows again,” he wrote in part of a dedicated post on X (formerly Twitter) on Sept. 14.

Referencing news that Germany’s largest lender, Deutsche Bank, had applied for a crypto custody licence, van de Poppe eyed $25,000 as a level for bulls to steer the market away from.

“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 a cluster of key moving averages (MAs), the 200-week exponential moving average (EMA) continues to act as support — reclaimed in March and an important feature at the start of any bull market.

“I think that the odds of the low to be 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,” van de Poppe continued.

He highlighted $26,800 — the previous day’s high — as the line in the sand to break through in order to invest in cryptocurrency web 3.0.

Wyckoff’s analysis suggests classic BTC price rebound

Stockmoney Lizards, taking a bullish outlook, also concluded that further upside should be expected in the BTC price.

By using the Wyckoff method, the X analysis studied the previous year’s price movements, which can indicate when a new uptrend or a return to a higher trading range is triggered after a swing low.

The Stockmoney Lizards team determined that the “Spring” happened after the BTC/USD bottomed out in late 2022.

“We have seen the spring in January, breakout at the end of March, and now the second throwback. This is textbook Wyckoff behaviour,” they commented.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

The next generation of online business, Web 3.0, could be the ultimate gateway for cryptocurrency investment. History of Web 1.0, 2.0, and 3.0 and examples such as c3.ai stock and Fetch.ai can help to understand how to invest in Web 3.0.