Bitcoin (BTC) remained on course for its highest weekly close in ten months on April 2 at $28,000.
BTC/USD 1-week candlestick chart (Bitstamp). Source: TradingView
BTC Price Analyst: “Massive” Liquidations Due at $30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady over the weekend after ending March near $28,500.
The current trading zone, a key resistance point from earlier in their current halving cycle, represents a major hurdle for bulls to overcome. Should they succeed, the price targets now extend past the $30,000 mark.
“Bitcoin has consolidated below major resistance/support in the past 2+ years,” summarized analyst Matthew Hyland in his latest tweet on BTC.
“A whole new ball game if BTC breaks it. NASDAQ & S&P ended the week strongly. Still great pessimism and disbelief as key milestones for Stocks/BTC are on the verge of being reached.”
Popular Twitter account Byzantine General predicted that a break of the resistance just above the spot price would result in a sea of liquidations, leading to further bullish momentum.
“It feels like a bear is trying very desperately to defend the region between 29,000 and 30,000,” a tweet said that day.
“I think if that level breaks there will be massive spirits coming in. And it feels like a question of ‘when’ and not ‘if’ because there’s no foam in the market, just some spot supply.”
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An accompanying chart showed Binance’s BTC/USDT order book with bid and ask liquidity concentrations by price level.
BTC/USD order book data (Binance). Source: Byzantine General/Twitter
On shorter timeframes, however, traders have been content to wait for the weekly close to cement earlier gains.
“Things appear to be heating up this weekend and as a continuation, the bulls are looking to retake the range high at $28,750. Until we chill,” Crypto Tony tweeted that day.
Annotated BTC/USD chart. Source: Crypto Tony/ Twitter
Others were more bearish, including trading resource Stockmoney Lizards, which called a correction “very likely” before BTC/USD hits $30,000.
Bitcoin bulls add another 23% in March
The last month was nevertheless one of Bitcoin’s best March months.
Related: Bitcoin price hits $28.5K after PCE data as macro “accumulation zone” ends
According to data from Coinglass, the 23% gains for BTC/USD are almost in line with 2021’s performance, with 2013 remaining the most volatile.
Chart of monthly BTC/USD returns (screenshot). Source: coin jar
Bitcoin’s performance as a whole mimics both years, with these remaining “in the green” for at least three months before significant consolidation begins.
The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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