Bitcoin (BTC) stayed on course for its highest weekly close in ten months on April 2 with $28,000 held.
BTC Price Analyst: “Mass” Liquidations For $30,000
Data from Cointelegraph Markets Pro and TradingView BTC/USD was stable over the weekend after closing March at around $28,500.
A previous key point of resistance in its current halving cycle, the current trading zone represents a major hurdle for bulls to overcome. If they do, the price targets now extend beyond the $30,000 mark.
I’m not an expert on classic chart patterns, but if we can adjust the current structure, that gives a minimum price target of $35,000 for #Bitcoin
Also a nice confluence of a break above the high at 32.5K, where plenty of stops are found to create a possible deviation above… pic.twitter.com/xTAz6yVgO7
—JACKIS (@i_am_jackis) March 30, 2023
“Bitcoin has been consolidating below the highest resistance/support of the last 2+ years,” analyst Matthew Hyland summarized in his latest tweet about BTC.
“A whole new ballgame if BTC breaks it. NASDAQ and S&P strengthened at the weekly close. There is still great pessimism and disbelief as major milestones are close to being achieved for Stocks/BTC.”
The popular Byzantine General Twitter account predicted that a resistance breakthrough immediately above the spot price would result in a sea of sell-offs, leading to further bullish momentum.
“Looks like a bear is desperately trying to defend the 29k to 30k region,” read one tweet that day.
“I think when this level breaks, massive liquids will come in. And it feels like a ‘when’ thing not a ‘if’ thing because there is no foam in the market, just some spot supply.”
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An accompanying chart showed the Binance BTC/USDT order book with bid and ask liquidity concentrations by price level.
However, on shorter timeframes, traders were content to wait for the weekly close to consolidate earlier gains.
“It looks like the range this weekend is in corn, and to continue, the bulls want to reclaim the range high at $28,750. Until we chill”, Crypto Tony tweeted up to date.
Others were more bearish, including trading resource Stockmoney Lizards, which described a correction as “highly likely” before BTC/USD hits $30,000.
As in February, we now see a bearish divergence. The correction is very likely before we get close to 30k. pic.twitter.com/atXM2aiBqa
— Stockmoney Lizards (@StockmoneyL) April 2, 2023
Bitcoin bulls add another 23% in March
However, last month managed to crown itself as one of the best months of March for Bitcoin.
Related: Bitcoin Price Hits $28.5K On PCE Data As ‘Accumulation Zone’ Macro Ends
According to data from purse23% gains for BTC/USD nearly match its 2021 performance, with 2013 still the most volatile.
Bitcoin’s trajectory broadly mimics both years, these saw at least three months “in the green” before significant consolidation began.
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.
