Bitcoin should dip to cement the $30,000 flip to support, analysis argues as bullish BTC price takes stay in play.
“Most still sitting on the sidelines” with Bitcoin
Data from TradingView showed BTC/USD hovering near $30,500 on April 15.
The pair had finished the Wall Street trading week on a less volatile note along with fairly flat United States equities.
With the ten-month highs of $31,035 remaining in force, traders and analysts considered the options for how BTC price action could play out next.
“We’re going higher. Much higher,” Credible Crypto summarized, retweeting a chart of BTC/USD and funding rates from popular technical analyst Murfski.
“Most still sitting on the sidelines, funding still relatively flat. This is disbullief depicted on a chart.”
Murfski had described being long BTC in 2023 as “incredibly cheap” thanks to year-to-date gains of over 70%.
“Being long still doesn’t feel like a crowded trade yet…,” he added.
As Cointelegraph reported, $33,000 was a popular near-term target toward the end of the week. To the downside, however, $30,000 was now the all-important support level.
“Expecting a sweep at $29.6K as likely, before we’ll continue the uptrend,” Michaël van de Poppe, founder and CEO of trading firm Eight, predicted in part of analysis on the day.
Trader and analyst Rekt Capital was also convinced about upside continuation as the ultimate result, calling Bitcoin “well positioned” on daily timeframes.
Big wallet balances start shrinking
The trip above $30,000 meanwhile sparked some “unsurprising” shifts in wallet dynamics.
The number of BTC addresses in profit hit 16-month highs on April 14, according to data from on-chain analytics firm Glassnode.
At over 33 million, in-profit addresses thus neared their 38 million tally from November 2021, when BTC/USD hit its current all-time high of $69,000.
Trading suite Decentrader nonetheless struck a more cautionary tone as it revealed large-balance wallet numbers declining.
“Unsurprisingly, we’ve seen some changes in wallets holding Bitcoin as we approached $30k,” it noted.
“Wallets holding >100btc saw a very significant drop of 200, virtually overnight. The increase we saw in December has now been reversed entirely.”
Further data showed 1,000+ BTC wallet numbers remaining steady through the return to $30,000.