Bitcoin (BTC) got busy testing $30,000 as new support at the April 11 Wall Street open after hitting new ten-month highs.
$30,000 surge decimates liquidity
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming down from an overnight peak near $30,500.
The pair had spent most of the day bouncing from the $30,000 mark after finally passing it in a short squeeze weeks in the making.
Major misgivings from some market participants accompanied the move, with fears centering on a potential correction to $25,000 or even lower.
Takes became more optimistic on longer timeframes, however. The $30,000 push, for instance, cemented popular trader and analyst Rekt Capital’s conviction that Bitcoin had abandoned a bearish double top formation from Q1.
“The signs for distortion of the BTC Double Top were there,” he wrote in a Twitter thread update.
“$BTC has invalidated the Double Top and confirmed a breakout to new Yearly Highs.”
Continuing, Rekt Capital spelled out the conditions required to be met on daily timeframes to continue the bullish momentum.
For #BTC to continue being bullish beyond this point, price needs to:
• Daily Candle Close above the Higher High (black)
• Dip to turn it into new support$BTC is well-positioned for a Daily Close above the Higher High at this time#Crypto #Bitcoin pic.twitter.com/gm9g9EQyP2
— Rekt Capital (@rektcapital) April 11, 2023
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Analyzing the composition of the Binance order book on the day, meanwhile, monitoring resource Material Indicators suggested that the odds of continued upside remained good.
“After the push above $30k, BTC liquidity is diffused in both directions,” it explained in part of commentary.
“There are no massive buy/sell walls, in fact the so called walls that appear on FireCharts are rather thin. Bullish momentum is growing so we could see a push higher.”
CPI lurks as volatility catalyst
The general mood was mixed with apprehension thanks to macro catalysts waiting in the wings for the rest of the week.
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