$31,000 revealed as make-or-break trend line
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after spiking past the $31,000 mark. The pair saw no major retracement as it headed further into ground it originally lost in June 2022. Now, market participants eyed the potential for bulls to capitalize on existing momentum with the help of positive macro trends. United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing. “With stocks opening up hot, $BTC was able to maintain above the previous range high,” popular trader and analyst Josh Rager told Twitter followers after the open.“Think we can see a retest and push higher here above $31k+.”
“I believe the next stop is just a hair above $33,000, where we'll encounter the 100 moving average, on the weekly time frame,” macro analyst Jesse Dow continued in part of Twitter analysis during the week.#BTC's recent breakout means that price is now entering the $28800-$33000 range (orange-blue)
It's unclear whether $BTC needs to dip to solidify ~$28800 as support before jumping to $33000 But at the moment, more arguments for upside at this time#Crypto #Bitcoin https://t.co/85DjLHoZnD pic.twitter.com/Nx7bQx0OWa — Rekt Capital (@rektcapital) April 13, 2023
“Don't forget we have bullish divergence and convergence on the weekly. And this has NEVER failed after we've seen at least a 75% drop in Bitcoin's price, from the previous cycle.”Zooming out, the importance of the current range for spot price became all the more visible, with $31,000 acting as support through 2021 until the June 2022 breakdown.
Brandt stays long Bitcoin
As various popular figures called the start of "altseason," one staying firmly bullish on BTC was veteran trader, Peter Brandt. Related: What Bitcoin bear market? BTC price closely copying old halving cycles In a tweet on April 13, Brandt revealed long positions on Bitcoin in addition to stocks in a further suggestion that the worst of the bear market was now over.Previously, former BitMEX CEO Arthur Hayes had revealed a rethink on his own investment strategy, opting to increase crypto exposure. "The ensuing Bitcoin rally will be one of the most hated ever," he predicted in a blog post released last month.Heading to MN for the summer. Current Factor LLC positions with trailing stops Long Nasdaq $NQ_F Long Gold vs. YPY $GC_F $G6J_F Long Bitcoin $BTC Long Gold $GC_F Long London Cocoa (not shown) $LCC_F pic.twitter.com/FH2o0LxZEz
— Peter Brandt (@PeterLBrandt) April 13, 2023
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