Bitcoin finally hit its long-term resistance level at $30,000 today. The asset peaked at around $30,500 in Tuesday morning’s Asian trading session, according to TradingView, marking a 7.1% gain on the day.
Additionally, this is the highest price BTC has seen since June 2022, when it crashed following the Terra/Luna collapse.
At the time, Bitcoin stayed at this support level for about a month. This time it serves as a resistance level, and analysts have predicted a pullback from here.
Bitcoin Rally to Cool?
Crypto analyst “CrediBULL Crypto” said most agree the rally will end between $30,000 and $40,000. He added that it would give everyone six months to accumulate before heading for a new all-time high in 2024 or 2025 if the history of the halving cycle repeats itself.
Here we are. The next 48 hours or so are very important and probably tell us what we need to know about the strength of the movement this morning. A quick 12 minute video with my thoughts. Enjoy! $BTC pic.twitter.com/BqAHhfB4du
— CrediBULL Crypto (@CredibleCrypto) April 10, 2023
The “WhaleWire” account was not so bullish, affirming that Bitcoin’s rally was the result of restarting Tether printers.
“Bitcoin is artificially rising due to Tether printing billions of USDT out of thin air. They bring in fake cash to attract real cash, then take out enough FOMO noobs once again.
The claim is a bit far-fetched, but the fact remains that Tether has pumped $14 billion into its circulating supply so far this year. However, the lower supply of USDC and BUSD means that the total stablecoin market capitalization is lower than it was at this time last year.
On-chain analytics provider Santiment pointed to Bitcoin whales for today’s big move above $30,000.
🐳 The movements of large whales appeared on #Bitcoinstoday, as the price is now poised to break through $30,000 for the first time since June. A total of 11 distinct 22k $BTC (a total of $655 million) were moved in two concurrent batches. Read our quick overview! 👇 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 US has ever carried out. This reinforces the premise that one country cannot control or suppress crypto, and it is truly a global asset.
Crypto Market Outlook
The crypto market capitalization hit its highest level of the year at $1.29 trillion after gaining 4.8% on the day.
BTC leads the pack in terms of gains, but Ethereum is also up 4.2% to trade at $1,933 at the time of writing.
Most high-cap altcoins gained between 2-4% on the day big brother pulls them higher.
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