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Bitcoin Price Needs to Surpass $31K to Avert 2023 'Bearish Fractal'

Bitcoin Price Needs to Surpass $31K to Avert 2023 ‘Bearish Fractal’

BTC price needs to surpass key levels, including $31,000, to eliminate longer-term bearish risk, according to the latest Bitcoin analysis. The cryptocurrency held above $30,000 at the Wall Street open on October 23, with a 2.5% increase for the day. Analysts are looking for BTC/USD to break the $31,000 level and invalidate the bearish fractal that has been in play throughout 2023. Positive indicators include the True Market Deviation indicator crossing a key level and the potential approval of a Bitcoin spot-price based exchange-traded fund (ETF) in the United States. Inflows into the crypto market have increased, indicating an optimistic market response to the potential approval of a Bitcoin ETF. The Grayscale Bitcoin Trust (GBTC) is also reducing its discount to the Bitcoin spot price.

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