TL;DR
Tuesday’s session in the crypto market unfolded under a state of tense calm following the Wall Street open. At the time of writing, the Bitcoin price and Wyckoff signals suggest that the pioneer cryptocurrency is seeking equilibrium after recent selling pressure, maintaining a narrow range near $89,000 without a decisive bullish impulse.
In this regard, Keith Alan, co-founder of Material Indicators, noted that although there are buy signals on daily charts, it is crucial for the asset to close above $87,500. According to the analyst, any movement below this annual opening level would be a clear sign of weakness, preceding a deeper correction.
On the other hand, platforms like CryptoQuant observe moderate positive momentum on Binance, labeling the current movement as a quiet correction rather than an imminent breakout. Nevertheless, traders are focusing their attention on advanced technical analysis, where the famous accumulation schematic is gaining relevance.
Experts, including commentator MartyParty, warn that the Bitcoin price and Wyckoff signals coincide in the formation of a “Spring” event. This pattern typically involves a final, aggressive drop that could lead Bitcoin to test levels below $80,000 to “flush” the market before a solid recovery.
In summary, the macroeconomic factor will be decisive, as the United States Federal Reserve will announce its interest rate decision this Wednesday. Although the odds of a cut are minimal, Jerome Powell’s speech could inject the necessary volatility to validate the “Spring” scenario or propel the price toward new resistance levels.
Also read: XRP Price Prediction: XRP Ledger Smashes Past $2 Billion in Tokenized Assets – Why This Could Send XRP Parabolic
