- Bitcoin prices have surged past the $30,000 psychological barrier during the Tuesday morning Asian trading session.
- Bitcoin has reached its long-term resistance level at $30,000 today and peaked at around $30,500 during Tuesday morning’s Asian trading session, marking a 7.1% gain on the day.
Bitcoin has finally reached its long-term resistance level at $30,000, marking a 7.1% gain on the day, according to TradingView. Furthermore, it is the highest price BTC has seen since June 2022 when it was experiencing a downward trend on the back of the Terra/Luna collapse.
Back then, Bitcoin remained at this support level for around a month. This time it is serving as a level of resistance, and analysts have predicted a pullback from here.
Predictions and Claims
Crypto analyst “CrediBULL Crypto” said that most agree that the rally will end somewhere between $30K and $40K, giving everyone six months to accumulate before it heads for a new all-time high in 2024 or 2025 if the halving cycle history repeats.
On the other hand, the “WhaleWire” account claimed that Bitcoin’s rally was a result of the Tether printers firing up again, bringing in fake liquidity to lure in real liquidity and then exiting once enough noobs FOMO up high again. The claim is a little farfetched, but the fact remains that Tether has injected $14 billion into its circulating supply so far this year.
Here we go. The next 48 hours or so are very important and probably tell us what we need to know about the strength of the move this morning. A quick, 12 minute vid with my thoughts. Enjoy! $BTC https://t.co/Lwjle74YKm pic.twitter.com/BqAHhfB4du
— CrediBULL Crypto (@CredibleCrypto) April 10, 2023
Bitcoin and the Crypto Market
On-chain analytics provider Santiment fingered Bitcoin whales for today’s big move above $30K. The fact that BTC has continued to push higher amid the biggest regulatory crackdown on the industry the United States has ever conducted reinforces the premise that one country cannot control or suppress crypto, and it truly is a global asset.
🐳 Big whale moves have shown up on #Bitcoin's network today, as price is now on the verge of crossing $30k for the first time since June. A total of 11 separate 22k $BTC (a total of $655M) were moved in two simultaneous batches. Read our quick insight! 👇 https://t.co/OtnlENSjg1 pic.twitter.com/VNDMOaH1Gt
— Santiment (@santimentfeed) April 10, 2023
Crypto market capitalization has reached its highest level of the year at $1.29 trillion after gaining 4.8% on the day. BTC is leading the pack in terms of gains, but Ethereum is also up 4.2% to trade at $1,933 at the time of writing. Most of the high-cap altcoins have made between two and four percent on the day as big brother pulls them higher.
In conclusion, the Bitcoin price has broken through the $30,000 psychological barrier, reaching its long-term resistance level, and marking a 7.1% gain on the day. Crypto analysts predict that the rally will end somewhere between $30K and $40K, giving everyone six months to accumulate before it heads for a new all-time high in 2024 or 2025 if the halving cycle history repeats.
Bitcoin whales have been attributed to today’s big move above $30K, and the fact that BTC has continued to push higher amidst the biggest regulatory crackdown on the industry the United States has ever conducted reinforces the premise that one country cannot control or suppress crypto, and it truly is a global asset.
