“Definitely not bullish” — 7% Bitcoin price gains fail to convince traders
Bitcoin (BTC) may have erased its Binance “FUD” losses, but popular traders are anything but bullish.
Despite a rise of up to 7.5% from March 28 lows, BTC/USD is generating more suspicion than excitement with its return to local highs.
$30,000 remains breaker for bullish sentiment flip
In a move that mirrors the reactions to past news events like the Silicon Valley Bank decline, Bitcoin has recovered snap losses in record time.
On March 29, BTC price action reached $28,650 on Bitstamp – just $200 off new nine-month highs.
In contrast to the past, however, the mood among market participants is distinctly risk-off under the current conditions.
Among them is the popular trader Muro, who claimed that the rebound came thanks to high-volume traders and was nothing more than a product of their strategies.
“The big guys basically brought the price back to their recent short entry (red) by taking profits,” he commented along with a chart of BTC/USDT perpetual futures.
“I’m definitely not bullish. Little risk goes short again.”
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Others looked to longer time frames to make the case for Bitcoin at least taking a breather in the current trading range.
Historically, the $28,000 area has been the most active in terms of volume, so trying to turn it from resistance to support requires exceptional strength.
“What’s more important, the local weekly breakout of a multi-month streak, or the testing of the key supply zone over the last 2 years as we face all sorts of headwinds?” trader and analyst Cantering Clark argued.
“I’ll be as bullish as all the carnival barkers when we’re over 30k. Also, not for nothing, in trending markets there should be nothing wrong with buying higher. Until then, respect opposition and position accordingly.”
Fellow trader and analyst Josh Rager agreedadds a BTC/USD chart showing the significance of the area.
China’s liquidity among today’s macro triggers
BTC/USD, meanwhile, was trading at $28,300 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
Related: Bitcoin Price Jumps Above $28K After 1.5K BTC Shorts ‘Blow Out’
Today’s Wall Street opening provided little additional momentum, despite US stocks trending higher
Analytics account Tedtalksmacro nevertheless noted the resumption of liquidity support from China’s central bank – a potentially key event given crypto markets’ receptivity to central bank liquidity.
As Cointelegraph reported, all eyes continue to be on the US for the release of key macro data later this week.
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
