Bitcoin (BTC) hit new month-to-date lows overnight into April 4 as fresh rumors over biggest exchange Binance spooked fragile markets.
BTC price returns to $28,000 after weekly lo
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $27,240 on Bitstamp.
Its lowest since March 28, the performance followed an outbreak of claims that Binance CEO Changpeng Zhao (also known as CZ), already under investigation by United States regulators, was now wanted by Interpol.
Their origin, an accidental leak of an encrypted tweet by private Twitter account @Cobie, subsequently appeared to lack evidence, and markets rebounded.
Now trading above $28,000 at the time of writing, Bitcoin was exhibiting “classic” behavior, according to Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight.
“Classic sweep of Bitcoin,” he summarized.
Van de Poppe additionally referenced the macroeconomic climate, specifically a potential end to interest rate hikes by the U.S. Federal Reserve.
“Trend remains to be upwards, as we’re in a vacuum of ‘relief’ as the hiking process comes to an end,” he continued.
“Most likely we’ll see Bitcoin continue to $40K, but if we’ll be having a test of $25K first, I’ll be a buyer.”
A subsequent tweet declared the local lows “swept” by BTC/USD, with $30,000 as a target.
The low has swept on #Bitcoin.
Grinding back upwards, as long as $27,900 holds, I’ll be expecting continuation towards range high and potentially $30K. pic.twitter.com/dY89M95LLF
— Michaël van de Poppe (@CryptoMichNL) April 4, 2023
Such optimism was shared elsewhere, including by trading resource Stockmoney Lizards, which joined calls for $30,000 to hit after a “short correction.”
Short correction, then 30k pic.twitter.com/vWf6PqHZie
— Stockmoney Lizards (@StockmoneyL) April 4, 2023
Related: US enforcement agencies are turning up the heat on crypto-related crime
Eyeing the equilibrium (EQ) level of the current range at $27,700, fellow trader Crypto Tony also remained upbeat.
“Holding that EQ like a champ. No short hedges unless we close solid below that level, but for now we remain in the upper half of the range,” he told followers on the day.
U.S. recession around the corner?
On macro, changes were also afoot, with the weekend’s Opec+ oil production cut announcombining with weak U.S….
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