- Bitcoin shoots past the $30,000 level just ahead of the release of US CPI data showing expectations of a cooldown in inflation.
- Bitcoin whales continue strong accumulation as experts expect the BTC rally to continue up to $40,000.
The world’s largest cryptocurrency Bitcoin (BTC) has delivered a strong price rally shooting by more than 6 percent in the last 24 hours. With this, the Bitcoin price has surged past the $30,000 level for the first time since June 2022.
Crypto market analysts are optimistic that this could be the beginning of a new bull run for Bitcoin. If the bulls manage to strongly hold the $30,000 level, its rally further to the mid-to-high-30s shall be quick. With today’s price gains, Bitcoin has extended its 2023 price gains to more than 80 percent.
Over the last two weeks, the price has been consolidating around the $30,000 level. The recent breakout above $30,000 comes with a squeeze of the Bollinger Band. As per the technical pattern, $30,800 could be the first potential resistance on the upside, followed by $31,200. Speaking to Bloomberg, Mati Greenspan, Quantum Economics’ chief executive officer said:
30k is very significant for both technical and fundamental reasons. The resistance has been building up for three weeks straight and has now finally broken. This is the first time we’ve crossed that level since the collapse of Terra/Luna and Three Arrows Capital. It basically means that the price has fully recovered from Celsius, FTX and the US regulatory crackdown.
Macro indicators and BTC whale moves
This week will be crucial for Bitcoin and the rest of the crypto market considering the release of key macro data in the United States. On Wednesday, April 12, the US shall be releasing the data of the Consumer Price Index (CPI) for the month of March which will give us an idea of where the inflation trajectory is moving.
This would ultimately decide the Fed’s action on whether it will continue raising the interest rates further or finally hit the pause button. James Lavish, managing partner at the Bitcoin Opportunity Fund told CNBC:
Traders are likely speculating that Wednesday’s consumer price index number “could come in at a level that gives the Fed reason to think about pausing raising rates in the next meeting, thereby giving a boost to assets like bitcoin”.
Popular crypto analyst “CrediBULL Crypto” believes that the rally can continue further and somewhere end close to $40,000. The analyst awaits the release of the US CPI data and believes that the next 48 hours will be quite crucial for the Bitcoin price action.
Here we go. The next 48 hours or so are very important and probably tell us what we need to know about the strength of the move this morning. A quick, 12 minute vid with my thoughts. Enjoy! $BTC https://t.co/Lwjle74YKm pic.twitter.com/BqAHhfB4du
— CrediBULL Crypto (@CredibleCrypto) April 10, 2023
Besides, the on-chain data from Santiment shows that the recent price surge comes on the backdrop of strong whale accumulation. It adds that “A total of 11 separate 22k $BTC (a total of $655M) were moved in two simultaneous batches”.
As we know, Bitcoin’s largest corporate holder MicroStrategy continued to add Bitcoins to its kitty. Last week, MicroStrategy added an additional 1045 Bitcoins taking their total Bitcoin holdings past 140,000 BTC. With today’s Bitcoin price action, MicroStrategy’s total investment in Bitcoin has finally turned profitable.
