Bitcoin (BTC) remained mostly consolidated over the weekend with market participants holding an optimistic outlook for continued gains. BTC/USD was hovering around $30,500 on April 15, after finishing the week on a relatively low volatility note and in line with US equity markets. However, the ten-month highs of $31,035 remained in play and traders and analysts were considering options for how BTC price action could play out next.
Technical Analyst Murfski described being long BTC in 2023 as “incredibly cheap” thanks to year-to-date gains of over 70%. He added, “Being long still doesn’t feel like a crowded trade yet…” The funding rates were still flat, indicating that many people were still sitting on the sidelines. According to Credible Crypto, “We’re going higher. Much higher.”
As previously reported, $33,000 was a popular near-term target towards the end of last week. To the downside, however, $30,000 was now the all-important support level. According to Michaël van de Poppe, founder and CEO of trading firm Eight, “Expecting a sweep at $29.6K as likely, before we’ll continue the uptrend.” Trader and analyst Rekt Capital was similarly convinced of upside continuation as the ultimate result, calling Bitcoin “well-positioned” on daily timeframes.
The move above $30,000 has led to some shifts in wallet dynamics. The number of BTC addresses in profit hit 16-month highs on April 14, reaching over 33 million. In-profit addresses thus neared their 38 million tally from November 2021 when BTC/USD hit its current all-time high of $69,000. However, trading suite Decentrader noted that large-balance wallet numbers were declining, stating, “Wallets holding >100btc saw a very significant drop of 200, virtually overnight. The increase we saw in December has now been reversed entirely.” Further data showed 1,000+ BTC wallet numbers remaining steady through the return to $30,000.
In conclusion, despite the consolidation, market participants remain optimistic about BTC’s price direction. As trading suite Decentrader noted, “It’s worth remembering that BTC was trading at $10k this time last year.” The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
