Bitcoin (BTC) consolidated over the weekend as market participants remained bullish on further gains.
“The majority are still sitting on the sidelines” with Bitcoin
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was hovering around $30,500 on April 15.
The pair had ended the Wall Street trading week on a less volatile note along with US stocks rather flat.
With the ten-month highs of $31,035 remaining in effect, traders and analysts considered options for how BTC price action might play out next.
“Let’s go higher. Much Higher”, Credible Crypto summarizedretweeting a chart of BTC/USD and funding rates from popular technical analyst Murfski.
“Most are still sitting on the sidelines, funding is still relatively stable. This is discouragement represented on a graph.”
Murfski had described longing BTC in 2023 as “incredibly cheap” thanks to year-to-date gains of over 70%.
“Going long still doesn’t feel like a crowded trade yet…” he added.
As Cointelegraph reported, $33,000 was a popular short-term target towards the end of the week. On the downside though, $30,000 was now the most important support level.
$BTC + $ETH
Good ranges here to play$30K + $2K key prices to hold for higher imo pic.twitter.com/dSvzUgP421
— Skew Δ (@52kskew) April 14, 2023
Related: Healthy Bitcoin Recovery: What Does a Drop in the Margin Lending Ratio Mean for the BTC Price?
“A sweep to $29.6K is likely to be expected, before we continue the uptrend,” Michaël van de Poppe, founder and CEO of trading firm Eight, foretold part of the analysis of the day.
Trader and analyst Rekt Capital was also convinced that bullish continuation would be the bottom line. vocation Bitcoin “well positioned” on daily time frames.
Large wallet balances begin to dwindle
Meanwhile, the ride above $30,000 caused some “not surprising” changes in wallet dynamics.
Related: Latest Bitcoin Price Data Suggests a Double Top Above $200K in 2025
The number of BTC addresses in gains hit a 16-month high on April 14, according to data from on-chain analytics firm Glassnode.
With over 33 million, for-profit addresses approached its tally of 38 million since November 2021, when BTC/USD reached its current all-time high of $69,000.
However, trading suite Decentrader took a more cautious tone, as it revealed that large-balance wallet numbers were declining.
“Unsurprisingly, we have seen some changes in Bitcoin-holding wallets as we approached $30k,” he said. noted.
“Wallets with more than 100 btc saw a very significant drop of 200, practically overnight. The rise we saw in December has now been fully reversed.”
More data presented More than 1,000 BTC wallet numbers remained stable until the return to $30,000.
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