Bitcoin (BTC<\/a>) set new nine-month highs overnight on March 30 as traders continued to stay cautious.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD spiking to $29,170 on Bitstamp.<\/p>\n A rejection entered almost immediately, sending the pair back to its starting point and causing already suspicious<\/a> market participants to call a \u201cfakeout.\u201d<\/p>\n #Bitcoin<\/a> – What a lovely fakeout. This is why you don’t chase green candles pic.twitter.com\/oJzrMoRi20<\/a><\/p>\n \u2014 IncomeSharks (@IncomeSharks) March 30, 2023<\/a><\/p><\/blockquote>\n \u201cNothing has changed- yea we got a nice little pop above the highs but this was expected,\u201d popular trader Credible Crypto wrote<\/a> in part of a Twitter reaction, calling the move a \u201cdeviation.\u201d<\/p>\n Fellow trader Crypto Chase likewise applied the \u201cdeviation\u201d tag, calling for $29,000 to hold in order to consider long positions.<\/p>\n $BTC<\/a><\/p>\n So far, deviation of daily resistance. Bulls want to see gray box hold on LTF. Below there and the likelihood of this move being a stop run\/deviation makes more sense to me.<\/p>\n Reclaim 29K and I look for scalp longs. Lose gray box and I look for scalp shorts. Chop in between. pic.twitter.com\/B093Q4E3xL<\/a><\/p>\n \u2014 Crypto Chase (@Crypto_Chase) March 30, 2023<\/a><\/p><\/blockquote>\n Related: US enforcement agencies are turning up the heat on crypto-related crime<\/a><\/em><\/strong><\/p>\n A slightly more optimistic Crypto Tony nonetheless hoped<\/a> that the short-term range high could still be flipped to new support.<\/p>\n \u201cBear markets naturally have a lot more FUD and Bitcoin has certainly taken a big load of it over the last year or so. But still we are holding nicely and going for $30,000. I am excited for the bull run to come, whether it\u2019s tomorrow or next year,\u201d he added<\/a>.<\/p>\n Analyzing the situation on derivatives exchanges, trading suite DecenTrader, meanwhile, noted that shorts currently had the upper hand.<\/p>\n Related:\u00a0Bitcoin price will hit this key level before $30K, survey says<\/a><\/em><\/strong><\/p>\n \u201cFunding rate continues to climb higher whilst the long\/short ratio remains flat,\u201d it summarized<\/a> in a fresh analysis on the day.<\/p>\n \u201cWith price declining and funding positive, short perps are potentially profitable and being paid by longs to keep their positions open.\u201d<\/p><\/blockquote>\n In a further potential warning sign, Bitcoin and crypto analyst\u00a0Lukasz Wydra noted<\/a> that current trading volumes were at their lowest for 2023.<\/p>\n \u201cLast time similar was observed in June 2022. Paradoxically, just before the drop from 30k,\u201d he revealed alongside chart data.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/d31427df-2944-47a7-88a9-b1ec6fcee4e0.png\")
\u201cDeviation\u201d takes BTC\u2019s price closer to $30,000<\/h2>\n
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Bitcoin price analyst: Volume echoes June 2022 drop signal<\/h2>\n
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