Bitcoin (BTC) stayed on course for its highest weekly close in ten months on April 2 by holding the $28,000 level.
BTC Price Analyst: $30,000 “Mass” Liquidations
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was flat over the weekend after closing March at close to $28,500.
A previous key point of resistance in its current halving cycle, the current trading zone represents a major hurdle for the bulls to overcome. If they do, the price targets extend beyond the $30,000 mark.
Not an expert on classical chart patterns but if we can fit the current structure in it, that gives a minimum price target of 35000USD for #Bitcoin
Also a nice confluence of a break above the high at 32.5K where a lot of stops are sitting to create a possible deviation above … pic.twitter.com/xTAz6yVgO7
—JACKIS (@i_am_jackis) March 30, 2023
“Bitcoin has been consolidating below the highest resistance/support of the last 2 years or more”, summarized analyst Matthew Hyland in his latest tweet about BTC.
“A whole new ballgame if BTC breaks it. NASDAQ and S&P strengthened at the weekly close. There is still great pessimism and disbelief as major milestones are close to being achieved for Stocks/BTC.”
The popular Byzantine General Twitter account predicted that a resistance breakthrough immediately above the spot price would result in a sea of sell-offs, leading to further bullish momentum.
“Looks like a bear is desperately trying to defend the 29,000 to 30,000 region,” read a tweet that day.
“I think when this level breaks, massive liquids will come in. And it feels like a ‘when’ thing not a ‘if’ thing because there is no foam in the market, just some spot supply.”
An accompanying chart showed the Binance BTC/USDT order book with bid and ask liquidity concentrations by price level.
However, on shorter timeframes, traders were content to wait for the weekly close to consolidate earlier gains.
“It looks like the range this weekend is in corn, and to continue, the bulls want to reclaim the range high at $28,750. Until we relax.” tweeted Crypto Tony that day.
Others were more bearish, including trading resource Stockmoney Lizards, which described a correction as “highly likely” before BTC/USD hits $30,000.
like in February, we now see a bearish divergence. Correction still very likely before we approach 30k. pic.twitter.com/atXM2aiBqa
— Stockmoney Lizards (@StockmoneyL) April 2, 2023
Bitcoin bulls add another 23% in March
However, last month managed to crown itself as one of Bitcoin’s best March months.
According to Coinglass data, gains of 23% for BTC/USD nearly match its 2021 performance, with 2013 still the most volatile.
Bitcoin’s trajectory mimics both years, with at least three months “in the green” before significant consolidation began.
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