Will Bitcoin (BTC) Price Hold Above $30K For a Long Time? Here’s What Traders Can Expect
The post Will Bitcoin (BTC) Price Hold Above $30K For a Long Time? Here’s What Traders Can Expect appeared first on Coinpedia Fintech News
Bitcoin’s price hit a yearly high of around $30,399 earlier today, up by almost 7%, per market data from Binance-backed Coinmarketcap. This price surge comes after three weeks of consolidation in a double top-like formation, leading most crypto traders to expect a dip before continuing with the uptrend.
However, the opposite happened, and over 89% of Bitcoin short traders were liquidated in the past 24 hours, leading to losses worth approximately $106 million, according to market data provided by Coinglass.
Big whale moves have shown up on #Bitcoin‘s network today, as price is now on the verge of crossing $30k for the first time since June. A total of 11 separate 22k $BTC (a total of $655M) were moved in two simultaneous batches. Read our quick insight! https://t.co/OtnlENSjg1 pic.twitter.com/VNDMOaH1Gt
— Santiment (@santimentfeed) April 10, 2023
Bitcoin Dominance and Whales
Following this breakout, Bitcoin’s dominance in the crypto market increased to approximately 48.43%, standing at around $579,769,425,230 on Tuesday. Santiment, a market intelligence platform, also cited several Bitcoin whales who increased their on-chain activities in the past 24 hours.
Bull Market Continues
Macro analyst trader Jason Pizzino believes that Bitcoin price is in the last stages of this year’s bull market, but the bears may not push it below $18k again in this cycle.
He noted that the entire market, including stock indexes like the S&P 500, is showing bullish momentum in the higher time frame.
#Bitcoin Bears have been getting DESTROYED for 140 days.
Eventually, it’ll be the bulls turn to get destroyed.
Remain nimble, and remain with the trend.
1/4 pic.twitter.com/Y2PDEcYe0S
— Jason Pizzino (@jasonpizzino) April 11, 2023
Elliott Wave Theory and Weekly Golden Cross
In terms of technical analysis, Bitcoin price is approaching its last cycle in the Elliott wave theory. The fifth wave is typically the largest if the third wave did not outperform the first wave.
With the recent breakout, it is only a matter of time before a weekly golden cross happens between the 50 and 200 MAs.
Don’t miss out on the latest news and updates on Bitcoin’s price movements. Watch this space for more!
Filed under: Bitcoin - @ April 11, 2023 11:29 am