Bitcoin bulls grow bolder after extended stay at $28,000

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(Kitco News) – Little change for Bitcoin (BTC) and the broader crypto market during the shortened trading week as prices continued to consolidate on Thursday while the stock market also ended flat this week.

Weak job growth has been a major factor in the struggles for US equities in recent days, with Thursday starting on a negative note for the major indices before a late morning rally helped them close positively. The S&P, Dow and Nasdaq all managed to end the day in the green, up 0.36%, 0.01% and 0.76%, respectively.

As for Bitcoin, data provided by TradingView shows that the bears made another attempt to break the support at $28,000, which the bulls managed to push back after a brief dip to a daily low of $27,738, putting back the price above $28,100.

BTC/USD 1-day chart. Source: Trading View

According to Kitco’s senior technical analyst, Jim Wyckoff, the failure to push higher the well-worn support at $28,000 caused April futures prices to drop higher.

“The market has been trading sideways at two-week higher levels and the upward price trend has come to a halt,” Wyckoff wrote. “BC bulls still have the overall short-term technical advantage, but soon need to show new power to sustain the upward price trend.”

Eight Global founder Michaël van de Poppe remains bullish on Bitcoin due to the fact that it was able to hold support above $27,600 and believes the next bull run could see the top crypto break above $30,000.

Mentioned this earlier, the $27,600 area backs support for #Bitcoin.

The price is back to $28,000-plus and looks likely to continue to run towards $28,600 amid unemployment data tomorrow.

If we retest the highs -> breakout at $30,000 for #Bitcoin. pic.twitter.com/CirFEfHB8E

— Michal van de Poppe (@CryptoMichNL) April 6, 2023

But market analyst Rekt Captial isn’t quite ready to make such a statement after spotting what could be the formation of a double top on the Bitcoin chart – and instead asks for patience to see how the things unfold over the next two days.

#BTC

The next few days will be crucial in determining if $BTC indeed forms a Double Top#Crypto #Bitcoin pic.twitter.com/5q0NJbbjGu

— Rekt Capital (@rektcapital) April 6, 2023

And for the bearish chart experts in the crowd, crypto analyst Kaleo has provided the following reverse Bitcoin chart to show that the outlook for the future is indeed bullish (or bearish, on an inverse chart).

#Bitcoin / $BTC

The real capriltulation.

Nuke with haste. pic.twitter.com/Lquntvcl17

— KALEO (@CryptoKaleo) April 6

Consolidation continues for alts

There was a trio of double-digit altcoin winners in the top 200 on Thursday while the rest of the field saw gains or losses of ±6%.

Daily performance of the cryptocurrency market. Source: Coin360

Ontology (ONT), Audius (AUDIO) and Alchemy Pay (ACH) were the market leaders with gains of 27.79%, 12.57% and 10.32%, respectively.

The overall cryptocurrency market capitalization now stands at $1.186 trillion, and Bitcoin’s dominance rate is 45.8%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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