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Bitcoin is poised to achieve its highest weekly closing in ten months as it remains stable near $28,000 on April 2. According to a BTC price analyst, there could be significant liquidations at the $30,000 level.
Although the current trading zone is a major obstacle for bulls, it is a crucial resistance point from a previous halving cycle. If the bulls successfully overcome this hurdle, they could push the price beyond $30,000.
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<source: twitter>
The leading cryptocurrency remained steady over the weekend after closing out March at nearly $28,500, according to data from TradingView.
In his recent tweet on Bitcoin, analyst Matthew Hyland highlighted that BTC has been consolidating under a significant resistance and support level for more than two years. He believes that it would be a game-changer if BTC surpasses this level.
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<source: twitter>
Meanwhile, NASDAQ and S&P had a strong weekly close. Despite major milestones approaching for both stocks and Bitcoin, there is still a significant level of pessimism and disbelief among investors.
Byzantine General, a popular Twitter account, predicted that breaking the resistance level above the current Bitcoin spot price could trigger a wave of liquidations, leading to further upward momentum. The account speculated that there might be a bear trying hard to defend the region between $29,000 and $30,000.
However, General’s tweet indicated that once this level is breached, there could be a massive inflow of liquidations. The market has no significant froth, and only some spot supply exists, making it a matter of "when" and not "if."
The tweet also included a chart that displayed the Binance BTC/USD order book with bid and ask liquidity concentrations based on the price level:
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<source: twitter>
Traders were patiently waiting for the weekly close to confirm the previous gains of Bitcoin, while on shorter timeframes, the market was observed to be moving sideways over the weekend.
In a tweet, Crypto Tony stated that the market needed to see the bulls reclaim the range high at $28,750 to continue its upward trend. However, other traders such as trading resource Stockmoney Lizards were more pessimistic and predicted a correction as "very likely" before BTC/USD could hit the $30,000 mark.
In March, Bitcoin experienced significant gains of 23%, which added to its impressive performance in 2023. This performance was comparable to the high levels of volatility observed in 2013. In both years, Bitcoin showed a similar trajectory, with at least three consecutive months of positive gains before experiencing a period of significant consolidation.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.