Bitcoin (BTC) set new nine-month highs overnight on March 30 as traders continued to stay cautious.
“Deviation” takes BTC price closer to $30,0
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $29,170 on Bitstamp.
A rejection entered almost immediately, sending the pair back to its starting point and causing already suspicious market participants to call a “fakeout.”
— IncomeSharks (@IncomeSharks) March 30, 2023
“Nothing has changed- yea we got a nice little pop above the highs but this was expected,” popular trader Credible Crypto wrote in part of a Twitter reaction, calling the move a “deviation.”
Fellow trader Crypto Chase likewise applied the “deviation” tag, calling for $29,000 to hold in order to consider long positions.
So far, deviation of daily resistance. Bulls want to see gray box hold on LTF. Below there and the likelihood of this move being a stop run/deviation makes more sense to me.
Reclaim 29K and I look for scalp longs. Lose gray box and I look for scalp shorts. Chop in between. pic.twitter.com/B093Q4E3xL
— Crypto Chase (@Crypto_Chase) March 30, 2023
Related: US enforcement agencies are turning up the heat on crypto-related crime
A slightly more optimistic Crypto Tony nonetheless hoped that the short-term range high could still be flipped to new support.
“Bear markets naturally have a lot more FUD and Bitcoin has certainly taken a big load of it over the last year or so. But still we are holding nicely and going for $30,000. I am excited for the bull run to come, whether it’s tomorrow or next year,” he added.
Bitcoin price analyst: volume echoes June 2022 drop signal
Analyzing the situation on derivatives exchanges, trading suite Decentrader meanwhile noted that shorts currently had the upper hand.
Related: Bitcoin price will hit this key level before $30K, survey says
“Funding rate continues to climb higher whilst the long/short ratio remains flat,” it summarized in fresh analysis on the day.
In a further potential warning sign, Bitcoin and crypto analyst Lukasz Wydra noted that current trading volumes were at their lowest for 2023.
“Last time similar was observed in June 2022. Paradoxically, just before the drop from 30k,” he revealed alongside chart data.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Sui Foundation Allocates Over $1M to 17 Emerging Projects
Ahmedabad authorities bust international drug ring with cryptocurrency links
Vitalik Buterin Explores Ethereum Protocol Enhancement Strategies
Ethereum Shanghai Upgrade: What you need to know
Why is Ethereum (ETH) price down today?
Nissan files 4 new web3 trademarks, trials sales in the metaverse
News from Twitter: