{"id":48845,"date":"2023-04-16T18:00:49","date_gmt":"2023-04-16T18:00:49","guid":{"rendered":"https:\/\/egrowonline.com\/?p=48845"},"modified":"2023-04-16T18:00:49","modified_gmt":"2023-04-16T18:00:49","slug":"bitcoin-traders-in-disbullief-as-analyst-predicts-30k-btc-retest","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=48845","title":{"rendered":"Bitcoin traders in \u2018disbullief\u2019 as analyst predicts $30K BTC retest"},"content":{"rendered":"


\n<\/p>\n

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Bitcoin (BTC<\/a>) consolidated into the weekend as market participants stayed optimistic about further gains.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cMost still sitting on the sidelines\u201d with Bitcoin<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hovering near $30,500 on April 15.<\/p>\n

The pair had finished the Wall Street trading week on a less volatile note, along with fairly flat United States equities.<\/p>\n

With the 10-month highs<\/a> of $31,035 remaining in force, traders and analysts considered the options for how BTC price action could play out next.<\/p>\n

\u201cWe\u2019re going higher. Much higher,\u201d Credible Crypto summarized<\/a>, retweeting a chart of BTC\/USD and funding rates from popular technical analyst Murfski. <\/p>\n

\u201cMost still sitting on the sidelines, funding still relatively flat. This is disbullief depicted on a chart.\u201d<\/p><\/blockquote>\n

Murfski had described being long BTC in 2023 as \u201cincredibly cheap\u201d thanks to year-to-date gains of over 70%.<\/p>\n

\u201cBeing long still doesn’t feel like a crowded trade yet\u2026,\u201d he added.<\/p>\n

BTC\/USD vs. funding rates chart. Source: Murfski\/ Twitter<\/em><\/figcaption><\/figure>\n

As Cointelegraph reported, $33,000 was a popular near-term target<\/a> toward the end of the week. To the downside, however, $30,000 was now the all-important support level.<\/p>\n

\n

$BTC<\/a> + $ETH<\/a>
Nice ranges here to play<\/p>\n

$30K + $2K key prices to hold for higher imo pic.twitter.com\/dSvzUgP421<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) April 14, 2023<\/a><\/p><\/blockquote>\n

Related: Healthy Bitcoin rally: What does a margin lending ratio drop mean for BTC price?<\/a><\/em><\/strong><\/p>\n

\u201cExpecting a sweep at $29.6K as likely, before we\u2019ll continue the uptrend,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, predicted<\/a> in part of analysis on the day.<\/p>\n

Trader and analyst Rekt Capital was also convinced about upside continuation as the ultimate result, calling<\/a> Bitcoin \u201cwell positioned\u201d on daily timeframes.<\/p>\n

BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/figcaption><\/figure>\n

Big wallet balances start shrinking<\/h2>\n

The trip above $30,000 meanwhile sparked some \u201cunsurprising\u201d shifts in wallet dynamics.<\/p>\n

Related:\u00a0Latest Bitcoin price data suggests double top above $200K in 2025<\/a><\/em><\/strong><\/p>\n

The number of BTC addresses in profit hit 16-month highs on April 14, according to data from on-chain analytics firm Glassnode.<\/p>\n

At over 33 million, in-profit addresses thus neared their 38 million tallies from November 2021, when BTC\/USD hit its current all-time high of $69,000.<\/p>\n

<\/figure>\n

Trading suite Decentrader nonetheless struck a more cautionary tone as it revealed large-balance wallet numbers declining.<\/p>\n

\u201cUnsurprisingly, we\u2019ve seen some changes in wallets holding Bitcoin as we approached $30k,\u201d it noted<\/a>.<\/p>\n

\u201cWallets holding >100btc saw a very significant drop of 200, virtually overnight. The increase we saw in December has now been reversed entirely.\u201c<\/p><\/blockquote>\n

Bitcoin wallets holding 100 BTC or more chart. Source: Decentrader\/ Twitter<\/em><\/figcaption><\/figure>\n

Further data showed<\/a> 1,000+ BTC wallet numbers remaining steady through the return to $30,000.<\/p>\n

Bitcoin wallets holding 1,000 BTC or more chart. Source: Decentrader\/ Twitter<\/em><\/figcaption><\/figure>\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


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) consolidated into the weekend as market participants stayed optimistic about further gains. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView \u201cMost still sitting on the sidelines\u201d with Bitcoin Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hovering near $30,500 on April 15. The pair had finished the Wall Street trading week on a […]<\/p>\n","protected":false},"author":1,"featured_media":48846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[3316,646,50,194,15071,470,3679,180],"class_list":["post-48845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-30k","tag-analyst","tag-bitcoin","tag-btc","tag-disbullief","tag-predicts","tag-retest","tag-traders"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/04\/909f6cb2-9986-4a05-a7b9-121d0359c9bb.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48845"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48845\/revisions"}],"predecessor-version":[{"id":48847,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/48845\/revisions\/48847"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/48846"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48845"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}