Bitcoin (BTC) consolidated over the weekend as market participants remained bullish on further gains.
“Most remain sidelined” with Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around $30,500 on April 15.
The pair had ended the week of Wall Street trading on a less volatile note, along with rather flat US stocks.
With the ten-month highs of $31,035 in place, traders and analysts considered options for how BTC price action might play out next.
“We go higher. Much higher”, summarized Credible Crypto, retweeting a BTC/USD chart and funding rates from the popular technical analyst; Murfski.
“Most stay on the sidelines, funding remains relatively flat. This is discouragement on a chart.”
Murfski had described being long BTC in 2023 as “incredibly cheap” thanks to gains of more than 70% so far this year.
“Being long still does not seem like a busy operation to me…”, he added.
As we told you before, the $33,000 mark was a popular short-term target towards the end of the week. To the downside, however, the $30,000 level was now the most important support level.
$BTC + $ETH
Nice ranges here to play$30K + $2K key prices to hold for higher imo pic.twitter.com/dSvzUgP421
— Skew Δ (@52kskew) April 14, 2023
“We expect a sweep to $29,600 as likely, before we continue the uptrend”, predicted Michaël van de Poppe, founder and CEO of the trading firm Eight, in part of the analysis of the day.
The trader and analyst Rekt Capital was also convinced of the bullish continuation as a final result, qualifying Bitcoin as “well positioned” in daily terms.
The balances of the largest wallets begin to reduce
Meanwhile, the trip above $30,000 caused some “unsurprising” changes in wallet dynamics.
On April 14, the number of BTC addresses in gains hit a 16-month high, according to data from on-chain analytics firm Glassnode.
With over 33 million, for-profit addresses are thus close to their figure of 38 million from November 2021, when the BTC/USD pair hit its current all-time high of $69,000.
However, trading suite Decentrader took a more cautious tone as it revealed a decline in the number of high balance wallets.
“Unsurprisingly, we have seen some changes in Bitcoin holding wallets as we approached $30,000,” pointed.
“Wallets holding more than 100 BTC saw a very significant drop of 200, pretty much overnight. The rise we saw in December has been completely reversed.”
Other data showed that wallets larger than 1,000 BTC held steady during the return to $30,000.
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