Bitcoin (BTC) held $30,000 as support ahead of the Wall Street open on April 11, with fresh doubts looming over the strength of the rally.
BTC Price Finally Addresses the $30,000 Resistance Cloud
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD when it hit 10-month highs of $30,438 on Bitstamp.
With nearly a month in the making, the final rise to $30,000 delighted many traders who considered the move a matter of time.
what i’m seeing now pic.twitter.com/8bBheMvqT7
—KALEO (@CryptoKaleo) April 11, 2023
Having uploaded a roadmap showing that BTC/USD was still gaining, Crypto Kaleo argued that Bitcoin was still the best investment allocation for capital, rather than cash or altcoins, at current prices.
“Bitcoin is going out of course all USD charts will look decently bullish,” part of the Twitter comment of the day. fixed.
“Look at the alt charts against BTC. I don’t see any that I like atm. So while you may still be in USD with some alternative positions, your capital is still better allocated by accumulating more Bitcoin.”
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Meanwhile, Daan Crypto Trades paid more attention to altcoins, entertaining the idea that BTC/USD could now consolidate.
“It will be interesting to see what happens around here. I suspect we could see it cool off a bit, which means ALT/BTC pairs should gain some ground,” she said. wrote in part of a reaction tweet.
He added that Bitcoin’s market dominance could continue to increase if spot price gains remain brisk.
“Triple Bearish Divergence”
Despite recapturing what had long been a zone of massive resistance, Bitcoin did not inspire everyone with its assault.
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With almost $100 million In shorts liquidated on April 10-11, analytics resource Skew noted that there was “air” in the Binance order book below the $30,000 mark during the breakout.
$BTC Binance Point
Close to $30K now, completing more sell limit orders.
Note the gap between the big offers in the order book.Comments on the chart below: pic.twitter.com/LH20GiQIDM
— Skew Δ (@52kskew) April 10, 2023
Meanwhile, Venturefounder, a contributor to on-chain analysis firm CryptoQuant, warned of a “bearish divergence” between the spot price and the relative strength index (RSI) on the daily chart.
“Looking for a short-term correction to at least $25,000, sometimes soon, potentially as much as $22,000,” part of a prediction revealed.
Trader Cheds similarly noted what it called a “triple bearish divergence” with on-balance volume (OBV), considering a short position but “not in one” overnight.
“Kudos to the bulls who were respectful and asking for 30k,” Il Capo de Crypto, the Twitter trader infamous for his bearish BTC price forecast, added in a cheep up to date.
“My bearish scenario is NOT invalidated yet.”
Some criticized the bearish divergence thesis, with popular Crypto trader Ed saying goodbye the idea in terms slightly longer than 3 days.
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
