Bitcoin has made a sudden return to form, surging above crucial price resistance of $30,000 on April 18th. The cryptocurrency experienced increased volatility, with the BTC/USD pair adding $500 in a sudden move that delivered daily gains of more than 3%. Previously, traders had been concerned as the $30,000 support appeared to be set to remain as longer-term resistance. However, the sudden surge in liquidity in the order book from Binance, identified by monitoring resource Material Indicators, saw bid liquidity moving closer to the spot price. This was followed by the largest class of high-volume traders, or “mega whales,” who were responsible for the upward momentum.
Reacting to the latest BTC price action, Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic. He tweeted, “There we go for Bitcoin. Breaks through $30K, which means that we’re back in the range. Most preferred a retest at $29.7K would suit continuation towards new highs and towards $40K.” However, further volatility on lower timeframes ahead of the Wall Street open was a possibility. Those banking on further downside were already feeling the pressure, with data from Coinglass showing $16 million of BTC short liquidations on the day.
Altcoins, including Ether (ETH), also felt the benefit of the sudden Bitcoin turnaround, with ETH up 2% on the day. The largest altcoin by market cap headed back towards the top of its intraday trading range, having successfully preserved $2,000 as support. Bulls’ target to break remained $2,140 from April 16, representing Ethereum’s highest levels since May 2022. Ethereum’s 15% gains versus Bitcoin since the Shapella upgrade have also not gone unnoticed.
As with any cryptocurrency news, it’s important to remember that the views, thoughts, and opinions expressed by analysts and experts are their own and do not necessarily reflect or represent the views and opinions of Cointelegraph. However, this sudden surge in Bitcoin’s price may be a sign of a more positive trend for the cryptocurrency market as a whole.
