Bitcoin Price Rises To $30,300 – Retracement To $27,900 Today?

Bitcoin has taken a bullish momentum after it broke above the $30500 resistance earlier in the week. Despite the initial pullback, the price of the cryptocurrency has recovered and is currently breaking through the psychological price barrier. Price indicators suggest that the bullish momentum will likely continue above the $31,000 high. However, do we expect a pullback to $27,900 today?

Bitcoin (BTC) continues to make waves as it outperforms the global market with its latest price surge. The cryptocurrency little by little declined after a peak of $30,500 experiencing a price drop. However, it hit a low of $29,800 before coming back, surpassing $30,200.

The day before, Bitcoin was exchanging hands for $30,140. However, at the time of writing, BTC price has breached the $30,500 resistance. to trade at $30,823.92, with a 24-hour trading volume of $18,996,527,721. This marks a 2.41% increase in price in the last 24 hours and an impressive 9.96% increase in the last 7 days.

Additionally, Bitcoin’s market cap currently sits at $596,312,894,096, thanks to its circulating supply of 19 million BTC. And with a price increase of 10.00% in the last 7 days, Bitcoin has managed to outperform the global cryptocurrency market, which has seen an increase of 8.90% in the same time.

This latest increase in the price of Bitcoin further cements its position as a dominant player in the world of cryptocurrencies. It will be interesting to see how its value continues to evolve in the coming weeks and months.

High Potential for BTC Price Rise Shown by Bitcoin Network

According to one expert, the recent appearance of around 512,000 new Bitcoin wallets on the network suggests increased user adoption of BTC and a possible price increase. This is due to the increased demand for the flagship cryptocurrency, which often increases in value.

#Bitcoin the network continues to grow, peaking at 512,000 new addresses. Increased user adoption in a #crypto as #BTC usually indicates possible price increases.

In essence, more wallets = high demand = higher price potential! 🚀 pic.twitter.com/fFuMHvockr

—Ali (@ali_charts) April 11, 2023

According to Martínez, this growth in the number of wallets indicates a greater adoption of BTC among users, which could generate an increase in its price. He believes that the increased demand for Bitcoin resulting from this adoption will likely drive its price up, as demand and price are directly proportional.

Additionally, on April 12, a Bitcoin selloff occurred shortly after the value of the cryptocurrency crossed the $30,000 threshold. The sale was allegedly started by a whale, whose buying and selling activities were tracked by lookonchain, a “Smart Money” tracker, on Twitter.

A smart whale transferred 11K $BTC ($330 million) to #Bitfinex 1 hour ago

The whale received 46,542 $BTC ($935 million) from #Bitfinex at an average price of $20,083.

He then transferred 36.5K ($1B) to #Bitfinex at a price of $28,039.

It currently has 10,042 $BTC ($304M), the profit is $390M. pic.twitter.com/0b5AFFwr3f

— Lookonchain (@lookonchain) April 12, 2023

According to the tracker, the whale had acquired a massive amount of 46,542 BTC on Bitfinex for nearly $1 billion at an average price of $20,083 before selling 36,500 BTC from the same stash on the exchange at $28,039.

In a surprising move, the whale sent 11,000 BTC to Bitfinex just an hour before the tracker’s tweet went live, selling for a staggering $330 million. The timing of the sale coincided with the price of Bitcoin reaching its highest point in 10 months, buoyed by news that the CPI value fell to 5% compared to the 5.2% forecast by analysts.

BTC/USDT price analysis on daily chart

The price of Bitcoin could breach the upper limit of its trading channel and reach a resistance level of $31,000. According to the daily chart above, the price of BTC is approaching the resistance zone at $32,000. However, the double top trading pattern formed at the resistance zone could force the BTC price to drop to its previous support level as resistance remains strong.

This means that a move towards the lower boundary of the channel can see Bitcoin touch the support levels at $29,000 and $27,000. Furthermore, the Relative Strength Index (14) is expected to enter the overbought region, which could push the price of Bitcoin to the resistance levels of $38,000 and $40,000 from these support levels.

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