- Bitcoin has shown resilience at the $30,000 price level as several metrics point to a further rise with investors eyeing the $35,000 resistance.
- The Bitcoin rally seems to come at the expense of altcoins who are struggling to keep up, especially with a shrinking dominance.
After cracking the $30,000 price tag earlier this week, Bitcoin has shown strength and stability at this level. This is the first time that BTC has breached this level in 10 months. This is a sober sign for investors who were cautious of this being a bull trap. For the most part, the bullish and bearish narratives are colliding.
At the time of press, Bitcoin has recorded a less than 1 percent price change in the last 24 hours and exchanging for $30,029. Market intelligence platform Santiment has been reporting some large whale transactions with one address being the recipient of a 23,500 $BTC transaction, worth nearly $710M earlier today. Santiment notes that such transactions will be common as the crowd polarizes.
According to some analysts, the price stalemate is unusual ahead of the US CPI numbers expected later today. Historically, Bitcoin and the larger crypto market are positive with the numbers setting the tone for major markets.
Gm ☕️
Today is US CPI day, and for the first time in a long while, it feels like the market is discounting the significance of this event…
Trader positioning leading into today is nowhere near as conservative/risk-off as we typically would observe.
Expectations are for:… pic.twitter.com/SiUmm50FjQ
— ted (@tedtalksmacro) April 12, 2023
With Bitcoin showing great stability, investors are moving into the asset and shying away from altcoins. Typically, investors move their funds to altcoins when there’s great volatility as the tokens can record astronomical movements in a short time. When prices are stable, the said funds move back to Bitcoin as it both dictates price movement for the entire market and is significantly more stable than other tokens.
Altcoins record mixed reactions
Another significant event is the scheduled Ethereum Shanghai upgrade. As CNF reported, this is a crucial event in the Ethereum network with implications for the wider market. While bullish in the long run, in the short term, analysts and investors are optimistically cautious. Bank of America recently note that the Ethereum upgrades are significant technological accomplishments. At the time of press, ETH is exchanging for $1,826 marketing a 2 percent drop in the last 24 hours.
Read More: Ethereum Shanghai upgrade: Is it a big risk or can it drive ETH price to $4,000? Deep dive
As for the rest of the altcoins, there’s been little movement with the biggest gainer among the top ten ranked coins by market cap being Solana (SOL) with a 5 percent rise pushing its weekly gain to over 10 percent. Dogecoin (DOGE) on the other hand has shed around 4 percent in the last 24 hours.
With first world countries facing economic and political turmoil cryptocurrencies and Bitcoin more so, are viewed as the safest haven for funds. If Bitcoin can mark the current low as its support, and only about 50 percent away from its all time highs of $60,000, investors are optimistic or revisiting these highs by the end of the year.
