Bitcoin has finally reached its long-term resistance level at $30,000 today. The asset peaked at around $30,500 during Tuesday morning’s Asian trading session, according to TradingView, marking a 7.1% gain on the day.
Furthermore, it is the highest price BTC has seen since June 2022, when it was tanking hard on the back of the Terra/Luna collapse.
Back then, Bitcoin remained at this support level for around a month. This time it is serving as a level of resistance, and analysts have predicted a pullback from here.
Bitcoin Rally to Cool?
Crypto analyst “CrediBULL Crypto” said that most agree that the rally will end somewhere between $30K and $40K. He added that this will give everyone six months to accumulate before it heads for a new all-time high in 2024 or 2025 if halving cycle history repeats.
Here we go. The next 48 hours or so are very important and probably tell us what we need to know about the strength of the move this morning. A quick, 12 minute vid with my thoughts. Enjoy! $BTC https://t.co/Lwjle74YKm pic.twitter.com/BqAHhfB4du
— CrediBULL Crypto (@CredibleCrypto) April 10, 2023
The “WhaleWire” account was not so bullish, claiming that Bitcoin’s rally was a result of the Tether printers firing up again.
“Bitcoin is artificially rising due to Tether printing billions of USDT out of thin air. They bring in fake liquidity to lure in real liquidity, then exit once enough noobs FOMO up high again.”
The claim is a little farfetched, but the fact remains that Tether has injected $14 billion into its circulating supply so far this year. However, the decline in supplies of USDC and BUSD means that the total stablecoin market capitalization is lower than it was this time last year.
On-chain analytics provider Santiment fingered Bitcoin whales for today’s big move above $30K.
🐳 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
What is remarkable is that BTC has continued to push higher amid the biggest regulatory crackdown on the industry the United States has ever conducted. This reinforces the premise that one country cannot control or suppress crypto, and it truly is a global asset.
Crypto Market Outlook
Crypto market capitalization has reached its highest level of the year at $1.29 trillion after gaining 4.8% on the day.
BTC is leading the pack in terms of gains, but Ethereum is also up 4.2% to trade at $1,933 at the time of writing.
Most of the high-cap altcoins have made between two and four percent on the day as big brother pulls them higher.
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Martin Young
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