Bitcoin bulls grow emboldened after an extended stay at $28k
 |
Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day’s top stories directly to your inbox. Sign up here! |
(Kitco News) – Not much changed for Bitcoin (BTC) and the broader crypto market over the course of the shortened trading week as prices continued to consolidate on Thursday while the stock market also finished flat on the week.
Weak job growth was a primary factor in the struggles of U.S. equities the past few days, with Thursday starting off on a negative note for the major indices before a late-morning rally helped lift them to a positive close. The S&P, Dow and Nasdaq all managed to finish 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 the back of support at $28,000, which bulls successfully rebuffed after a brief dip to a daily low of $27,738, bidding 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 support at $28,000 has led to a decline in April futures prices.
“The market has been trading sideways at higher levels for two weeks and the price uptrend has stalled,” Wyckoff wrote. “BC bulls still have the firm overall near-term technical advantage but need to show some fresh power soon to keep the price uptrend alive.”
Eight Global founder Michaël van de Poppe remains bullish on Bitcoin due to the fact that it has been able to hold above support at $27,600 and thinks that the next push by bulls could see the top crypto surpass $30,000.
Mentioned this before, the area at $27,600 sustains support for #Bitcoin.
Price is back to $28,000+ and seems likely to continue running towards $28,600 amid unemployment data tomorrow.
If we test highs again -> breakout to $30,000 for #Bitcoin. pic.twitter.com/CirFEfHB8E
— Michaël van de Poppe (@CryptoMichNL) April 6, 2023
But market analyst Rekt Captial isn’t quite ready to make such a pronouncement after spotting what may be the formation of a double top on the Bitcoin chart – and instead urges patience to see how things play out over the next couple of days.
Next few days will be crucial in determining whether $BTC is indeed forming a Double Top#Crypto #Bitcoin pic.twitter.com/5q0NJbbjGu
— Rekt Capital (@rektcapital) April 6, 2023
And for the bearish chart experts in the crowd, crypto analyst Kaleo provided the following inverse Bitcoin chart to show that the prospects moving forward are indeed looking up (or down, on an inverse chart).
The real capriltulation.
Nuke it with haste. pic.twitter.com/Lquntvcl17
— K A L E O (@CryptoKaleo) April 6, 2023
Consolidation continues for the alts
There was a trio of double-digit altcoin gainers in the top 200 on Thursday while the remainder of the field recorded gains or losses of ±6%.
Daily cryptocurrency market performance. 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 overall cryptocurrency market cap now stands at $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 those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.