Bitcoin bulls are getting emboldened after an extended stay at $28k
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(Kitco News) – Not much changed for Bitcoin (BTC) and the broader crypto market during the shortened trading week as prices continued to consolidate on Thursday while the stock market also ended the week flat.
Weak job growth was a primary factor in the struggles for US stocks in recent days, with Thursday starting on a negative note for the major indexes before a late-morning rally helped lift them to a positive finish. The S&P, Dow and Nasdaq all managed to end the day in the green, up 0.36%, 0.01% and 0.76% respectively.
As for Bitcoin, data provided by TradingView shows that bears made another attempt to break behind the support at $28,000, which bulls successfully rejected after a brief drop to a daily low of $27,738, bringing the price back above $28,100.
BTC/USD 1-Day Chart. Source: TradingView
According to Kitco senior technical analyst Jim Wyckoff, the failure to push higher from the well-trodden $28,000 support has led to a decline in April futures prices.
“The market has been trading sideways at higher levels for two weeks and the rally has stalled,” Wyckoff wrote. “BC bulls still have the firm overall technical advantage in the near term, but will need to show some fresh power soon to keep the rally alive.”
Eight Global founder Michaël van de Poppe remains bullish on Bitcoin due to the fact that it has been able to hold above the $27,600 support and believes that the next push from bulls could see the top crypto surpass $30,000.
Mentioned this before, the $27,600 area maintains support for #Bitcoin.
The price is back at $28,000+ and looks set to continue its run towards $28,600 amid unemployment data tomorrow.
If we test the highs again -> breakout to $30,000 for #Bitcoin. pic.twitter.com/CirFEfHB8E
— Michaël van de Poppe (@CryptoMichNL) 6 April 2023
But market analyst Rekt Captial isn’t quite ready to make such a statement after seeing what could be the formation of a double top on the Bitcoin chart – instead urging patience to see how things play out over the course of the the next couple of days.
The next few days will be crucial to decide whether $BTC actually forming a Double Top#Crypto #Bitcoin pic.twitter.com/5q0NJbbjGu
— Rekt Capital (@rektcapital) 6 April 2023
And for the bearish chart experts in the crowd, cryptoanalyst Kaleo provided the following inverse Bitcoin chart to show that the outlook ahead is indeed looking up (or down, on an inverse chart).
The real capriciousness.
Nuke it with haste. pic.twitter.com/Lquntvcl17
— KALEO (@CryptoKaleo) 6 April 2023
Consolidation continues for the altos
There were a trio of double-digit altcoin winners in the top 200 on Thursday, while the rest of the field recorded gains or losses of ±6%.
Daily performance in the cryptocurrency market. Source: Coin360
Ontology (ONT), Audius (AUDIO) and Alchemy Pay (ACH) were the market leaders with gains of 27.79%, 12.57% and 10.32% respectively.
The total cryptocurrency market cap is now $1.186 trillion, and Bitcoin’s dominance rate is 45.8%.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
