Crypto market finds firm footing as BTC price hovers above $30k and altcoins soar

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(Kitco News) – The week ended on solid footing for the cryptocurrency market as traders relished the sight of Bitcoin back above $30,000 and Ether above $2,000, while concerns about stubborn inflation and the threat of additional rate hikes remain in the back of investors’ minds.

While crypto prices held steady, stocks fell under pressure at the market open as concerns that the Federal Reserve will need to remain vigilant in keeping interest rates elevated weighed on asset prices. At the close of markets, the S&P, Dow and Nasdaq were all in the red, down 0.21%, 0.42%, and 0.35%, respectively.

Data from TradingView shows that Bitcoin (BTC) hit a daily high of $31,175 in the early trading hours on Friday before a sudden selloff dropped it to a low of $30,145, at which point bullish reinforcements stepped in to stop the price slide and bid it back above $30,500.

BTC/USD 4-hour chart. Source: TradingView

The early morning surge lifted April Bitcoin futures prices to a new contract high on Friday, according to Kitco senior technical analyst Jim Wyckoff, who noted that after the move, “A price uptrend on the daily bar chart is firmly in place.”

“There is no more powerful technical element in a market than price trend,” Wyckoff said. “And the price uptrend is presently the BC bulls’ friend. They have the solid overall near-term technical advantage to suggest still more upside in the near term.”

For those wondering if the market has reached a local top or if more gains are in store for the near future, crypto trader Moustache posted the following tweet highlighting a promising development in regards to the Relative Strength Index (RSI).

#Bitcoin (W)$BTC above 70 (RSI) = Parabolic Rally!??

This is how it was all the years before!

Is it different this time? $BTC has just cracked the 70 level on the RSI.

Imagine the bears are waiting for a significant pullback and it doesn’t come.?? pic.twitter.com/J4M9gJr3GX

— ????????????????? ?? (@el_crypto_prof) April 14, 2023

Meanwhile, market analyst Caleb Franzen spotted a potentially concerning bearish divergence that could result in a price pullback in the near future.

Serious question for die-hard bulls: Does this bearish divergence worry you? Why or why not?

It’s happening for #BTC, $ETH, & $TOTAL crypto market cap.$TOTAL – $USDT – $USDC shown below: pic.twitter.com/ETSqs7NFUw

— Caleb Franzen (@CalebFranzen) April 14, 2023

It remains to be seen which way things will play out in the near future, but the overall consensus on crypto Twitter is that a new bull cycle has begun and the next year will see new highs in the price of Bitcoin, Ethereum and the total cryptocurrency market cap.

WE ARE STILL (STILL) EARLY

CURIOSITY PAYS THE MOST IN BULL MARKETS

90% OF GAINS HAVE YET TO HAPPEN YET

WHEN ETH AND BTC MAKE NEW ALL TIME HIGHS THAT IS WHEN THINGS TRULY GET WILD

MARATHON – NOT A SPRINT

— HornHairs ?? (@CryptoHornHairs) April 14, 2023

Altcoin season has arrived

It was another overall positive day for the altcoin market, prompting many traders to proclaim the arrival of altcoin season as Bitcoin solidifies its support base above $30,000.

Daily cryptocurrency market performance. Source: Coin360

Space ID (ID) led the market for another day with a gain of 47% to hit a new all-time high of $0.83, followed by a 28% gain for Injective (INJ) and a 23.5% gain for Arbitrum (ARB).

The overall cryptocurrency market cap now stands at $1.27 trillion, and Bitcoin’s dominance rate is 46.2%.